This interesting infographic has some great statistics on how big data makes retailers more competitive. Some great take-a-ways:
- All retailers are gathering data from a variety of sources
- 54% says data has brought gains in multi-channel sales
- 64% say brand loyalty will be the largest gain they get through big data analytics
- 52% say they have been able to increase sales by offering the next logical item
- 54% are not confident in their company’s analytical abilities
- 64% do not have a well defined policy for data analysis
Overall, looking at these statistics what I find interesting is that most retailers are gathering data and know the importance of data, however a much smaller proportion are using the data effectively to increase sales. Also, there seems to be a disconnection between the company’s ability to analyze data and the need of big data analytics by the marketing department.
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