Big data & retail
By Mike Thacker-Cooke
2nd December 2016

Christmas is only around the corner and the retail industry is about to hit its boom. If you are reading this then you have already survived Black Friday and Cyber Monday but now the Christmas shopping rush is beginning, or at least it is for those of us who leave it last minute.

Retailers want the customers in their shops (digital or physical) and they are all competing for your attention but how is big data helping them do this?

Personalised recommendations

We’ve been seeing this for some time now, especially from Amazon. Many online retailers will have analytics and algorithms in place to make assumptions and suggestions of what to buy. By tracking the user’s habits on the site, what they are actually purchasing and what they have previously bought companies can make these personalised suggestions. I still get recommendations for toasters that I replaced 6 months ago!

Market trends

By using data and analytics retailers can try to predict what the next big things is going to be. Looking at social media posts and web browsing habits of their typical customers they can see if there is a buzz around a certain topic and item and can adjust prices and advertisements accordingly.

Pricing

Just how retailers can use market trends to set pricing they can also use analytics to help with this. By tracking their competitor’s prices, demand in store and their own inventory levels retailers can set the prices of products, making it more competitive and giving customers more choices.

Big data and analytics will constantly be changing the retail space as it becomes more competitive for businesses to have the lowest price and the most personalised shopping experience. But it’s not just big data that is shifting retail, according to this Forbes article AI could soon be the biggest disrupter for customer experience in retail.

Do you think big data and analytics will continue to disrupt the retail industry? Which technologies are you most excited to see during your shopping experience? I’d love to hear your opinions in the comments below.

KDR Recruitment is the home of the UK’s best Information Management and Analytics jobs. Read our brand new e-magazine Information Matters and follow us on LinkedIn.

This blog was originally published by Mike on LinkedIn. To view the original blog please click here

Comments

Currently there are no comments. Be the first to post one!

Post Comment

*
*
*

The importance of digital marketing analytics

The drive to understand customers is increasing and so is the need for accurate real-time analytics. While social media and online usage is on the rise, so is digital marketing data. Social media and other digital marketing tools can be... Read More

Career advice to live by

Everyone at some point in their life has received career advice, whether good or bad. As recruiters we are used to handing out our own advice to candidates on the hunt for a new job, we might be biased but... Read More

How can you build a positive office environment?

The environment within an office is very important, it can set the mood and can be the difference between happy, productive employees and those that are not. As Richard Branson once said, “clients don’t come first employees come first, if... Read More

My IP Expo diary

Last week I attended the IP Expo in London, it was my first time attending a conference on this scale and I was excited to go on behalf of KDR. The IP Expo was focused on how data analytics, the... Read More

Where should we send our newsletter?

Close