Massive data, commonly called Big Data, is a set of data that contains a greater variety, arriving in large volumes and at a faster rate. Due to their size and characteristics, they cannot be treated in a conventional manner, but their use represents a qualitative leap for companies.
How can these elements benefit the retail sector? Or rather, how can Retail take advantage of massive data? With technological solutions that favor the analysis and understanding of this data, in order to translate it into real value.
Using Big Data efficiently means making use of valuable resources that are already available but often forgotten. Although it seems simple, many businesses face difficulties when it comes to benefiting from their data.
Do you think you are not taking advantage of all the information you have? Read on to learn about the benefits of Big Data applied to Retail, the most common types of data, success stories and which tool to use to take your business to the next level.
Benefits of structuring and interpreting mass data
It is not efficient to have tons of data if nothing is done with them, but they have a lot of potential because among other things they allow:
- Access to new business opportunities
- Better forecasting
- Manage more effective campaigns
- Automate processes
- Advantage over competitors
- Obtain higher revenues
- Generate greater customer satisfaction
In addition, artificial intelligence applied to Big Data has the added value of offering flexibility. This means the ability to monitor and supervise campaigns on an ongoing basis, and therefore to optimize them according to their performance almost immediately.
What data do businesses use?
There are different sources of massive data to take advantage of. Those who already use Big Data to optimize their business start from information collected internally and also often receive data from external providers.
It is also important to have historical data as well as real-time data. This, of course, will depend on the needs and capabilities of each company. Some data types are:
- Digital behavioral data
- Geographical data
- Biometric data, such as physical or behavioral human characteristics,
- Transactional data, such as those obtained at points of sale, among others.
3 industries already using Big Data
Many industries are currently using Big Data to increase their profits as they seek to offer a better service or product. We may not realize it, but we are in contact with these practices in our daily lives.
One of the reasons the entertainment industry uses Big Data is to refine the type of content it offers to each of its users and increase plays. For example, we can observe it when streaming platforms recommend us the new album of our favorite music group, or series similar to the ones we have already watched.
The healthcare sector thanks to Big Data can maximize its impact on society; by accessing medical evidence and visual analysis more quickly, or by identifying pockets of disease spread in time, or patient progress curves that allow for greater planning.
With the right analytics and algorithms, banks or finance companies have the ability to discover patterns and trends with greater assertiveness, reducing risks and increasing margins.
How can Retail use Big Data? Examples
Leading companies worldwide demonstrate that in times of high competition, crisis and/or new consumer habits, Big Data is a key differentiating factor.
The makeup corporation, Sephora, offers those searching for products in its U.S. stores real-time deals, events and personalized recommendations.
The supermarket chain uses artificial intelligence applied to data to track its inventory, control its transactions, have the ideal stock and improve logistics.
Pantene and The Weather Channel
These brands use Big Data collaboratively to maximize its effects. Pantene and The Weather Channel have achieved a very interesting synergy. Following the weather channel’s predictions, different retailers promote the hair products that are best suited for each season or specific weather conditions.
Most common difficulties when including Big Data in the business plan.
At this point we agree that not using massive data to boost our business runs the risk of leaving us out of date and out of competition. This danger undoubtedly outweighs the difficulties many businesses face when introducing Big Data into their strategy.
Whether you are currently implementing it or it is in your immediate plans, it is clear that no business wants to be left out of this trend. But what are the challenges that may be encountered along the way?
- Lack of qualified staff
- Few technologies to meet current challenges
- Use of inadequate tools
- No planning of objectives
- Incorrect analysis
Leading the way with Ladorian
Ladorian proposes to reduce costs and increase profits through an intelligent use of physical space and the analysis of thousands of indicators. Media such as posters have been used for decades in the industry, but until now they have been narrowly tailored to different target audiences. With our powerful software we can help you to trust your database and to be able to predict buying trends at the point of sale.
Can you imagine what would happen if your customers got the right message at the right time? By properly using Big Data to strategize the content displayed on screens and other offline spaces, we can help you increase sales by 30%. Establishing close connections with your customers in a personalized way on a deeper level. Knowing their real needs and anticipating them. At the same time we favor their retention, repetition and recommendation; and consequently, the reputation of your brand.
What are you waiting for to take your business to its maximum capacity? Contact our team, we will be happy to advise you without any compromise.