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>Big Data

Retail Giants Use Automated Data Collection Solutions

AS Team
Apr 15, 2022

In a study published in 2019, Datamation estimated that unstructured data expands at a rate of 55-65 percent each year, with unstructured data accounting for 80 percent of all corporate data. These rising corporate data lakes may identify patterns and trends, providing insight and exploitable commercial advantages. In addition, a mechanism to sort, measure, and analyze the data can be found.

Even companies that aren’t convinced that such investigations will be profitable are often compelled to keep and at least minimally curate these massive data sets because some or all of the information contained therein may be subject to regulatory oversight and may one day be required to prove adherence--or to refute litigation, among other things.

Also Read | 11 Big Data Applications In Daily Life

Similarly, some of the biggest retailers in the world have turned to data to boost chances of business growth. Customers and market research are extremely crucial to retailers since their business success is directly dependent on them. As a result, shopper experience and customer satisfaction have risen to the top priority list.

Because customer data helps retailers to understand what drives purchase decisions, the introduction of big data in retail allows retailers to design more relevant, meaningful, and pleasurable experiences for their customers. It is also necessary for developing a successful company and marketing strategy.

Web crawlers vs. web scrapers is another debate retailers leverage on data to make the best choice. They optimize their websites properly so web crawlers and web flees can index their site content and URLs properly and display them in search engine results.

What is the purpose of data collection?

The more customer information you have (such as when they purchase, what they buy, and what they like), the more efficient and successful your strategic decisions will be.

For example, retailers may use data to estimate staffing needs for peak shopping periods, figure out what stock they’ll need ahead of time, determine which marketing efforts generate the most sales and more.

Data collection — and interpretation — might appear to be a time-consuming and difficult task. However, it saves you money in the long term by assisting you in maximizing your retail methods. You can design highly focused marketing efforts that force your consumers to act if you understand their interests and buying habits. If you can predict when demand for specific products will jump, you can ensure that you have those things in stock and on display to maximize revenues.

Also Read | Customer Behavioral Analytics - An Overview

Estimating these kinds of patterns isn’t enough. For example, you may think that a certain seasonal winter item would be popular throughout the season. Still, if you don’t have historical data to back up your assumption, you’ll wind up with too much (or too little) inventory.

Your business has a lot of essential parts, so it’s critical to collect detailed data for a variety of elements so you can understand what’s helping and what’s hurting your sales. You can change promotions, inventory orders, delivery speeds, and more to establish a more effective retail operation when data informs you.

In summary, gathering data today will save you money in the long run by streamlining your operations and marketing activities.

What kinds of information should be gathered?

At the very least, you should gather the essentials (i.e., name, email, and possibly phone number). Then, you’ll be able to reach out to consumers in the future through marketing campaigns and newsletters.

With the correct tools, you can collect more information on product purchases and preferences, providing you with the information to execute more focused and successful promotions.

Gathering all of this data is simple, and there are a few tools you can use to put the data to good use.

It’s also critical to know what to do with the data once you’ve gathered it. You may acquire significant insights into your data if you know how to analyze it correctly, allowing you to take action and enhance your bottom line.

Taking action on your data isn’t limited to your organization. To strengthen collaboration and put yourself up for long-term success, you may exchange relevant data with your suppliers. You might be shocked that 43% of merchants don’t share any data with their suppliers; you can take advantage of this opportunity when most retailers don’t. Sharing data will help you make better decisions faster and more profitably and improve your customer experience.

What should you do with the data you’ve gathered?

It’s pointless to collect all that data unless you intend to do anything. Customers want you to use the information they gave you. However, be certain that you do so in a way that helps them. Here are four suggestions for retailers:

Create Birthday Offers

As a retailer, you can let your customers know that you hold them in the highest regard by creating special offers on their birthdays. Make birthday presents. Make sure your clients know you’re thinking of them on their special day.

It doesn’t have to be fancy, and it’s a terrific way to develop loyalty. Just a small gesture to show your consumers how much you value them.

Your birthday offer can be a free bottle of juice on their birthday or a special discount on a favorite product.

Email Campaigns

Use your collected information to segment your consumers and conduct more targeted and successful email marketing. For example, you may send men updates on your men’s items and ladies updates on your women’s products. Isn’t that correct?

The more data you collect, the more effective your targeting will be. Urban Outfitters, for example, sends out newsletters based on consumer purchase history. This email, for example, was sent to guys who had previously purchased a jacket.

Treat Your Best Customers as VIPs

Use the information you’ve collected to identify your greatest clients and develop new methods to engage them. For example, you could offer private shopping experiences or specialized vouchers.

Doing this shows your best customers that you acknowledge them and appreciate their patronage.

Give Product Recommendations

Make product recommendations. To entice consumers to return to your business, use your information about their product preferences to give them discounts on their favorite brands or goods.

For example, if you know a client loves Brand ABC and has some new products from that brand, why not send that shopper an email highlighting those goods to urge them to come in? It’s a good way to maintain a constant stream of patronage.

These are just a few ways retailers use data collection to provide solutions and gain advantages over competitors. Data collections will be increasingly leveraged to heights never seen before in the future. Current deployment is only just a taste of what is to come.

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