The Big Data Revolution in Retail
Download as PPTX, PDF18 likes9,473 views
Major retail brands are increasingly leveraging big data to boost revenues and meet consumer demand, with a notable productivity increase of 49% post-implementation. John Brother's bookstore adopted big data strategies to enhance customer interaction and personalize shopping experiences, ultimately leading to their recognition as the top bookstore in their city. The document emphasizes that implementing big data is a critical business decision that can yield substantial benefits in terms of operational efficiency and customer engagement.
The Big Data Revolution in Retail
- 1. The Big Data Revolution in Retail
- 2. The Big Data Shift! Major retail brands are shifting their focus on big data as a means of generating more revenue.
- 3. Few Facts About Big Data. Post Big Data Implementation in Retail Productivity Increased By Sales Increased 49% $ 9.6 Billion 50 % say that big data helps in meeting consumer demand and facilitating growth. Industry Mandate 72.7 % consider driving operational efficiencies to be the biggest benefit of Big Data strategy
- 4. How Business Scenario is Changing? 100 years ago merchants knew their customers by face & retail success was tied to availability and proximity of stores. But now with expanding geography and multiple store locations it is very challenging to keep track on customers at individual level.
- 5. The Key to Success. For a majority of categories, consumers still prefer to buy from physical stores for both researching and purchasing products. Since most retailers nowadays employ multi-channel strategy, physical stores is becoming an prominent part of the overall shopping experience for their customers. The key lies in creating a unique shopping experience where customers derive both value and pleasure from visiting the physical stores.
- 6. Then, How Does One Create Personal Shopping Experience? Here comes Big Data into the picture. If you are a retailer and you have never heard about Big Data before, few questions must keep popping up in your mind. Like… 1) What is Big Data ? 2) Why do I need Big Data ? 3) How does Big Data work ? 4) What is the cost of Big Data implementation ? 5) How Do I measure my ROI. ? 6) And few more…
- 7. Let’s Take up Case & Demystify Big Data? John Brother’s runs a book store in a major metropolitan city, along with the reputed Chapel’s and Simon’s. Simon’s John’s Chapel’s
- 8. The Answer Lies in the Problem. During Holidays John brother's sale grows but not as great as Simon’s and Chapel’s. Though John spends heavily on marketing but still they were far away from their goal “To become most popular Book store in the city” Simon’s John’s Chapel’s
- 9. The First Movers. Simon’s John’s Chapel’s John Brother’s heard the success story of Arizona based book store and came to know about Big data. After a long meeting with their stakeholders they agreed to invest in Big data infrastructure.
- 10. The Infrastructure Setup. John’s John Brother’s asked for quotation from well known Big Data Vendors and after doing a cost/price feasibility study they chose one of them. The vendor came and setup the necessary infrastructure for big data implementation. Now lets do a deep dive into Big Data technology and how it works?
- 11. From Where Does Data Collection Happen? Digital Signage Customer Mobile Wi-Fi Internet of Things Gesture Recognition Integrated Video Surveillance Associate Tablet Loyalty Card Issued by Book/Retail Store Social Networks
- 12. What Data It Collects ? What book they like on Facebook ? What book they tweet ? What blog they read ? • Name • Age • Date of Birth • Transaction history • Store visit frequency • Point of sale data • 3rd party demographic & psychographic data • Geo-location data • Product inventory and placement data • Advertising impression data across media; online, TV, radio, print, email This is Big data
- 13. Where Does This Data Go? Big Data Repository Actionable Data Business Analytics Software Data Processing From Raw Data to Actionable Data
- 14. The Actionable Data Actionable Data With timely analysis John Brothers were able to find important data which helped them strategize their future marketing plan.
- 15. How Does Big Data Work ? Identifies the Prospect via Smartphone etc. Big Data Repository Looks for Prospect Location & Profile Information ExpertSystem Feeds the profile of prospect into real-time expert system
- 16. Big Data Paid Off Now with Big Data technology John Brothers interact with their customer at real time. 35% off on Pre-holiday season Gift Coupon on Birthday New Book Arrived of Author “X” 25% off on bundle book purchase
- 17. Measure Return on Investment •Has the store traffic increased after big data implementation ? •Has the revenue increased against per visit and per transaction? •Has there been any significant reduction in non-buyer population?
- 18. The Final Message Now John Brothers have achieved what they craved for “To become the No1. book store in the town and they have become No.1 now. What John Brothers understood & implemented, Simon and Chapel failed to realize that. They are still wondering how this change took place. “Implementing big data is a business decision not IT decision .”
- 19. Explore More Opportunities in Big Data With Our Latest Market Research Reports at: @MyMarketReports