IQ and Big Data
The buzz about “Big Data” is inescapable. But what is the buzz really about? Why are market experts spending so much time talking about the impact of Big Data?
It’s time to get past the hype and discuss exactly how Big Data helps retailers. Here are 5 key benefits that Big Data holds for retailers today:
Meaningful and relevant offers.
Big data gives you detailed information on your customer’s buying habits and trends so you can shape offers specific to them. With better offers, they buy more often!
In-store access to customer specific benefits and savings opportunities.
Wouldn’t it be great to respond to your customer’s immediate shopping experience? Big data helps you target your customer during the shopping event!
Optimizing cross sell strategies.
Is your customer buying something that requires batteries? Or if they’re buying that appliance, they’ll certainly want the dishware that works best with it. Big data links transactions and opportunities!
CRM data can be leveraged across the organization.
If merchants know which products are selling best in real time, pricing and allocation decisions become easier. Supply management can worry less about out-of-stock items. Big data isn’t just for marketing!
Proactive fraud reporting.
Why is Mr. Smith, who has never charged more than $500, suddenly making a $5,000 charge purchase? Knowing customer spending habits and trends helps stop fraud before it takes hold!
Big Data is nothing more than information. So why the big deal? Retailers now capture more information faster. Retailers who know how to use that information will win the sale every time.