One of the advantages that online retailers have traditionally had over brick-and-mortar stores is their ability to gather large amount of actionable data — a valuable commodity in the digital era. The rise of online retail has hit high street sales and footfall hard, but shops are fighting back. While they may not have access to the same level of browsing and conversion data that their online counterparts have, physical stores are increasingly making use of big data and in-store analytics to find out exactly how shoppers are engaging with their shops. This information then enables retailers to streamline their store layout and operations in order to boost profits.
A recent report from Cisco suggests that in-store analytics could add a staggering $61 billion (£45 billion) of value to retailers worldwide throughout 2018. The report states that retailers can significantly improve their workforce efficiency using real-time information, operational analytics, workforce management tools and shopping analytics.
With this kind of added value at stake, it is essential that retail businesses understand what they can do to ensure that they are getting the most out of big data and analytics. Gathering and analysing as much useful data as possible allows retailers to gain a competitive advantage, giving them the tools to completely rethink the physical environment of their stores as well as offering more personalised, convenient and flexible experiences for their consumers. This enables them to differentiate themselves against the competition and live up to the increasingly demanding expectations of contemporary shoppers.
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A recent report from Cisco suggests that in-store analytics could add a staggering $61 billion (£45 billion) of value to retailers worldwide throughout 2018. The report states that retailers can significantly improve their workforce efficiency using real-time information, operational analytics, workforce management tools and shopping analytics.
With this kind of added value at stake, it is essential that retail businesses understand what they can do to ensure that they are getting the most out of big data and analytics. Gathering and analysing as much useful data as possible allows retailers to gain a competitive advantage, giving them the tools to completely rethink the physical environment of their stores as well as offering more personalised, convenient and flexible experiences for their consumers. This enables them to differentiate themselves against the competition and live up to the increasingly demanding expectations of contemporary shoppers.
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