Enterprise Data Platforms for Retail Businesses
According to Forrester Research, we're currently living in the Age of the Customer, and have been for the past five years or so. This means that businesses now operate in an environment where consumers' wants and needs are more impactful than they've ever been.
In a nutshell, this means that organizations that are not putting a prime focus on learning about their clients – including their current and projected requirements and preferences – risk falling behind market competitors that are seeking to connect and address today's consumers. This is a task that requires specialized knowledge only accessible from big data analytics.
Data Realty builds data management and analytics platforms that allow you to know where your customers, and prospective customers, are in the loyalty loop. This insight allows you to maximize the value of your messages to them – which increases insights and conversions while growing and strengthening customer relationships.
Retail companies use our Data Management Platform to ingest and organize disparate big data into Hadoop (fully managed by Data Realty) which enables analytical queries and can stream data into a robust Data Analytics Platform (powered by Aunsight, a powerful data science platform developed to provide speed to insights).
Analytics Focus Areas for the Retail Industry
Customer Segmentation & Market AnalysisGarner insights about your customers, such as what combinations of products are being reviewed online, or the geographic distribution of consumer activity.
Increase ROI on
Compare how customers are (& are not) responding to marketing and advertising efforts, then overlay that information with cost data to capture ROIs.
Use data analytics to predict behavior and work to retain customers, up-sell/cross-sell to current customers, and acquire new customers.
Questions Retailers Can Answer with Analytics:
How can we segment consumer behavior in real-time, and across markets, products and categories?
What are the key purchase indicators throughout the consumer decision journey?
What are our major drivers of online consumer activity? Compared to the market?
Which potential customers look like our current best ones, and how can we target them?
Can we validate ad spend vs. unit sales performance?
How can we optimize our inventory management?
In order to glean big data's impactful insights, retailers must have a deep understanding of what benefits big data can bring, and how to go about reaping these advantages... more >
What can your big data tell you about your customers? And how can your business leverage this information to succeed in the market?... more >