When it comes to big data, the experts talk about big insights, and this is especially true for retailers. Perhaps more than any other market that solution providers support, retail is a numbers game with tight margins and critical delivery dates. Even the smallest savings or improvement in efficiency can translate into big bucks, which is why more resellers are convincing retailers to invest in big data projects.
A recent study by IDC shows that businesses are employing more data-driven decision-making. IDC forecasts that sales of big data products and services will increase at a compound annual growth rate of 23.1 percent through 2019, with annual spending reaching $48.6 billion in 2019. Retail in particular is looking for help to adopt big data in order to learn more about its customers, sales patterns and inventory management. Retailers and e-commerce brands are using more analytics in order to drive strategic action, especially for localization in order to create the right product mix for regional customers, and in order to forecast demand for new products.
So how can resellers help retailers harness big data in order to improve their operations? Here are just four practical examples: