21 Feb The changes that Big Data bring to retail
Big Data has long been revolutionizing different sectors of the workplace. The possibility of being able to analyze such large amounts of data, even in real time, gives businesses the opportunity to know what their clients are looking for, and what their clients expect of them.
Tesco supermarket was one of the first to analyze the tastes and consumption patterns of clients when it launched a loyalty card program in 1995, and Big Data has gone through a significant evolution since that time. Some changes that Big Data has brought to the world of retail are:
- The in-store experience of customers
All that a customer, or prospective client, perceives in-store is very important; therefore every store must pay attention to detail– everything from individual interaction with clients, to odors. There are numerous companies that pay special attention to smells in-store, but of course the prices and music inside of the store are very important as well.
- The Organization of Products
Thanks to Big Data, it has been discovered what route a customer takes once he or she enters a store, which can help in knowing where to place specific products, and helps us to identify which products interest customers most. A well-known company that carefully guides its customers so that they do not skip over any product is IKEA.
- Prepare an attractive storefront to bring in more clients
It is obvious that the first impression of a store is of utmost importance. One of the reasons that a customer may not have entered your store is because you did not capture his or her attention, so listen to your customers to learn what they like, and change your storefront accordingly, seeing if your new displays are more effective than previous ones.
- Design and Decoration
With potential customers inside of your store, decoration and design are vital, and will be the most indicative factors of how quickly a potential customer will make a purchase.
- Offers and Prices
Lastly, offers are very important– not only knowing how to present them, but also where to place them. This will be the key factor in determining whether or not a customer will purchase the product that you are urging him or her to buy. Of course the importance of prices is also obvious, therefore you must be cognizant of your prices, because they will determine the reaction of your customers.
The prominent roll that Big Data plays in today’s world is very well-known– it has been talked about for several years. In this same blog, two articles have been published that also talk about Big Data: the first from February, commenting on the launching of businesses, and the second commenting on the importance of Big Data in the digital transformation of organizations.