In the retail world, between the use of the traditional brick-and-mortar data platform and seamless omni-channel capabilities, big data is now becoming “better data” as businesses connect to consumers through real-time engagement.
Big data allows for a business to understand customer preferences, shopping patterns, and to plan pricing and inventory accordingly based off of historical data, but what retailers are realizing is that they need to adapt to consumer activities as mobile and online technologies increasingly evolve. Through omni-channel retailing, retailers can keep up with consumers in real-time, fulfilling their needs and expectations. Data collected through multi-channel retailing allows for companies to deliver personalized coupons, loyalty rewards, exclusive savings, and providing consumers the convenience of shopping digitally, right in the palm of their hands.
With forty-three percent of store visitors spending an average of 11 minutes on their mobile devices to assist with shopping, retailers such as GameStop are incorporating unique beacon networks into stores, sending customized messages and offers to gaming customer’s smartphones based off of their interest and location in the store, and even branching out to consumers outside of the store that favor particular brands. The beacon platform tracks data by the minute, monitoring store and section visits, device usage, popular sellers, and more, resulting in positive customer experiences, increased store traffic, strategic management of inventory stock, and saving time for both employees and customers.
While mobile payment apps are still young, and not widely implemented in restaurant locations yet, chains including Wendy’s, Burger King, Olive Garden, Starbucks, and Applebee’s are beginning to offer the option as it results in quick table turnover, cuts costs, and customers appreciate the convenience it provides—an estimated 1 in 10 consumers will use mobile payment options for restaurants in the next 5 years, as nearly 50 percent of consumers already show interest in mobile ordering and payment of bills.
Customers can browse and purchase items from retailers including Target, Walmart, and Sears, without ever stepping foot in-store—all accessible from the tap of their finger on their mobile device or computer. Retailers are including specialized apps, providing customers with even more ways to save through digital coupons and store price comparisons. Company sites are also including inventory visibility as research shows that 48 percent of consumers use their mobile devices to scan items and compare with competing companies. By providing inventory view, more customers make incremental sales and are satisfied with their service.
To be successful, it’s all about empowering and serving the customer. Omni-channel retailers must provide a seamless network, uniting all channels from the same database, letting consumers experience the brand, not a channel within a brand. With omni-channel retailing, in-store staff must be as informed as the connected consumer. Over 75 percent of surveyed shoppers would leave a store empty-handed if staff is not well-prepared and trained. Many retailers are even supplying employees with the same technology that consumers have access to through downloaded apps on in-store iPads. Customer demands are continuously evolving and changing, and in order to fulfill customer needs, retailers need to be on the same page as consumers on every channel—as more consumers become smartphone savvy and technology continues to advance, retailers relying solely on big data is becoming a thing of the past.
