Retailers looking at the Big Data opportunity may well find themselves with an array of choices: the opportunities seem so vast, where does one begin?
Well, a pragmatic way forward is to focus on some pragmatic possibilities and then “follow the money”!
In examining the Big Data opportunity for retailers, Cisco IBSG has identified three key areas where we believe value can be generated through Big Data analytics – and we have put together a framework for assessing and comparing the financial impact of options within these areas.
As outlined in our previous report, “Surfing the Data Deluge: How Retailers Can Turn Big Data into Big Profits,” three areas – video, social and mobile data –promise unprecedented insights into what consumers want or need, at the earliest stages of interest, and will drive the Big Data thrust in retail over the next few years. These three essentials not only represent a major stream of incoming data, but also provide an outbound mechanism to communicate with customers on a more personalized basis. In other words, they are both a source of Big Data analytics and a way of implementing Big Data insights! Read More »
Mobile devices have gone mainstream, and shoppers have become to rely on smart phones for their primary source of information while making a purchase decision. Bob Friday, Cisco CTO in the Wireless Networking Group, presents on connecting shoppers through mobility and shares highlights from his Big Ideas session at the National Retail Conference in January.
I led the demonstration of the Cisco Remote Expert Smart Solution for Retail in our booth. This solution transforms how you connect and interact with your customers. It offers a superior video and collaboration experience between shoppers and remote experts from any location within your store. It can help you entice shoppers to buy and more easily up-sell additional products and services while improving customer service.
Our retail customers were engaged and excited by this demo. Every time a live video call was placed to our Remote Expert in the booth, they immediately began discussing how this solution could be applied in their store environments to enhance the customer experience and train employees. Multiple customers returned to the demo several times, each time bringing different colleagues to re-experience the demo and discuss options for deploying it in their stores.
These days, the generation of data has become almost as constant as breathing. With every click or swipe, today’s mobile, hyperconnected consumers exhale an ever-expanding trail of digital details, revealing troves of information about their wants, needs, interests, well-being, and aspirations.
All of that data offers great promise for retailers looking to know their customers in deep, new ways in order to provide carefully targeted products and services. But it is also a source of headaches. Those same retailers are wrestling with a complex new realm of Big Data analytics, where a deluge of information from new sources like video, mobile, and social media threatens to swamp their capacity for processing. That is, if they can properly access those new data streams in the first place.