BIG DATA IN RETAIL - AN INSUFFICIENT MUST HAVE
With the volume of data transactions in online& physical stores, performed by millions of Customers across tens of thousands of products, successful retail strategies have today no alternative but to leverage Big Data.
In Retail, Big Data gathers details of all online and in-store transactions done by shoppers. To gather insights from these raw data, expert specific data calculations need to be done. And from these insights, a systematic valuation of each potential decisions will facilitate decision making.
However, when deciding to embrace Big Data, 4 considerations should be taken into count:
1. Find the proper Data Source
Data needs to be reliable, meaning they reflect a reality. Data also need a high level of quality, so its analysis can be done flawlessly. At finally, the data should be updated frequently so trends and opportunities can be easily identified.
2. Find the Right Tool
A comprehensive “data warehouse” is a great only if the proper tools are available to create and harvest insights (i.e. data crunching) . A flexible “data mart” makes it easier to produce insights fast, preventing Teams from getting lost in the complexity of programming. Retail Expert Platform that already integrates all key Retail Metrics will provide security, ease of access and use through visually attractive presentation, as well as help save time through automation,
3. Setup Instant Working Progress
Even with advanced automation, Teams will need to setup new working processes to efficiently navigate through the insights to take their decisions. It will represent a change from their current working habits. Time needs to be allocated to establish these processes across teams. Some of these processes will focus on quick routine decisions while other might be more strategic. Establishing these processes will enable Teams to increase their efficiency through short production times and rapid bursts of structured output based on repeatable analytical models and automation.
4. Ensure All Decisions are Executed & Measured
If Big Data support better decisions, each decision’s result needs to be measured. Continuous and regular tracking means a learning view of what works and what doesn’t. This will help Teams eliminate what brings the least profit and save up time for other priorities that bring more added value. Continuous measurements also help identify and quantify trends, enabling Teams to anticipate and be more pro-active.
HPT Ariane is the leading Southeast Asian Retail Data Collaboration Platform. We help Category Managers, Retail Analysts, Sales Manager, and Senior Managers organize, structure, enrich their data, and automate their business processes to take better decisions and actions for their consumers and shoppers.
We operate in Myanmar, Philippines, & Malaysia.