How Big Data Impact Retail Industry?
In today’s new era of retail marketing, consumer’s needs have become the peak of the pyramid. Manufacturers, products, and services are all present to meet consumers’ needs. So what do consumer needs? Recent research shows that only the personalized products or services are most likely to be accepted by consumers - they have a higher requirement for it.
What the Big Data it is?
Here comes to Big Data Technology. Big data technology, broadly defined as the ability to collect and analyze large amounts of information that is relevant to all aspects of our life. Through the broad application of big data technology in various fields, it has brought great convenience to us, and at the same time brought new challenges and opportunities to enterprises.
Big data, now is showing its characteristics of ever-increasing volume, velocity, variety, variability and complexity of information.
Volume. Data was collected from a variety of sources, including business transactions, internal operational data, social media, information from e-business, etc., that means massive amounts of information should be dealt with within seconds.
Velocity. Big data involves perception, transmission, and decision-making, which must be dealt with in near real-time.
Variety. Data comes in all types of formats.
Variability. In addition to the increasing velocities and varieties of data, data flows can be highly inconsistent at different times.
Complexity. Data comes from multiple sources makes it much more complicated than our traditional analysis approaches.
Why is Big Data Important?
In the retail industry, consumers tend to has a higher requirement for personalized and customized products and services. Therefore, enterprises should dig out their needs based on big data. It is necessary to re-establish a practical analysis theory and even analyze consumers’ behaviors.
Just think big data is a secret ingredient, raw material, and an essential element. It is not important how much data you have collected, but how you combine it with an integrated marketing management strategy.
Big data will reflect its value in 5 areas:
- High transparency and broad accessibility of data.
- Huge changes in decision making. Using controlled experiments, companies can validate assumptions and analyze results to guide investment decisions and operational changes.
- Application to a wide range of real-time user customization and relevant impact on the enterprises.
- Change/Substitutions of the management system.
- Building a data-based business model.
Application of Big Data in Retail Industry
In the retail industry, we can see that big data helps retail enterprises improve themselves through the following three aspects.
- Create a smart shopping experience
- Building a smart commodity management and supply chain network
- Realize smart operations
Take the P&G HC smart vending machine produced by One Plus Displays Products for example, it is an interactive display container with the following functions:
- Data Statistics: Collect passenger flow data (pass, stay, receive), and use these data to follow up consumers.
- Data Collection: Collect consumer characteristics, age, gender, smile, etc. Each face has a unique number. Consumers will register to fill out a questionnaire. The raw data enables retailers and brands for deep learning and big data analysis.
- Experience: Educate consumers through interactive video advertising, experience and more.
- Consumer Drainage: Guide consumers to register members, give out product samples to consumers and encourage them to try our products, as well as introduce new products to consumers.
- Coupons: Give out coupons to consumers, and therefore, help to boost sales and improve conversion rate.
- Notification: When the registered members come to the stores for gifts, the smart system can immediately provide this member's behavior data to the NC of the store, and help NC accurately sell suitable products to the consumer.
The technologies work together to enhance operational efficiencies and to provide sales uplift and valuable data.
In the world of retail, many innovative brands have already benefited from big retail data, like P&G, Mars Wrigley, Tmall Store. One Plus Display Products has always been providing more intelligent digital shelf display products in for many brands’ offline stores, and to replicate key benefits of the online experience into physical retail environments.
If you are looking for a retail store digital shelf display manufacturer, One Plus would be your reliable partner. Contact us now by leaving a message.