On Black Friday alone, more than 89 million people visited retailers, according to the National Retail Federation. But it’s not simply the traffic that is startling, it’s the data those shoppers produce. According to Forbes.com, each of those shoppers generated up to 10,000 data points. That equates to more than 890 trillion (that’s 12 zeros) points of retail data in a single shopping day.
For most retailers that data is irrelevant, the only figure of note is the sales total. This singular focus is a huge mistake. Retail data has the potential to uncover insights that can equally impact retailer return. From the transaction log to the loyalty card, each data point provides value and context to the overall operational success. When properly harnessed, retail big data has the potential to uncover practical opportunities and inefficiencies to radically improve retailer bottom-line performance.
Here are three tips to help retailers increase their holiday profits by leveraging this data:
The fact is, retail data isn’t going away anytime soon, and with the increased in-store traffic this holiday season, big data is getting even bigger. Rather than ignoring it, it’s time for retailers to embrace and leverage the data they’re already collecting in order to maximize their performance and profitability.
About Derek M. Rodner
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