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The Retail Data Storm

RETAIL AND THE BIG DATA REVOLUTION WIPRO Applying Thought A new study by the Economist Intelligence Unit, commissioned by Wipro, reveals how big data is giving retailers a competitive edge and boosting growth. PRIORITISING DATA COLLECTION 1010100110101001011011 101010101010010110111010 01010T01010010110111010 1010101101010010110111010 010010100101 10111010101 All retailers surveyed are prioritising data collection from a wide range of sources. 110101010101010110101 "Hi, I'm Dan, the data-driven retailer. I'm gathering more data than ever for my business." 72% 78% 64% OPEN of retailers are collecting and analysing open data (eg government data) are collecting location-based information are gathering social media data (eg Facebook, Twitter) (eg GPS, mobile logins) "Data is providing gains in three main ways: opening new channels, tailoring my service, and driving revenue." 1. REACHING YOUR CUSTOMER н CASE STUDY: UK-based fashion house Karen Millen uses omni-channel interaction to develop brand advocates. Tailored communications with 54% 52% of survey respondents say big data has brought gains in multi-channel sales say data has made multi-channel customer loyal customers help drive promotion through social media. tracking and management more profitable 2. UNDERSTANDING BEHAVIOUR 11 The more we know about our customers – the way they shop and when, their preferred methods of communication, their buying patterns and habits – the more that allows us to tailor our client 64% 66% of retailers have made financial gains in customer relationship management through big data significantly increased the amount of information held about proposition. Andrew Ware, CFO, Karen Millen customers last year 3. BOOSTING SALES G6 It doesn't take too much thought to realise that those who know a little bit more can do whatever they're doing much more efficiently. IJ 64% 52% Richard Baker, DFS chairman and chairman EMEA at Aimia of respondents say increased brand loyalty will be the greatest gain they get from big data analytics say big data has enabled them to expand their sales by offering the next logical item I have bigger plans ahead for data, but some difficulties I must overcome too... Opportunities Challenges * 62% L.54% of retailers will invest more in data of retail CXOS are not confident analytics to support potential acquisitions in the next two years their firm's analytical abilities 40% 1, 64% will increasingly apply data to store operations such as workforce management optimisation in future do not have a well-defined policy for analysing data DO BUSINESS BETTER www.WIPRO.COM NYSE:WIT | OVER 140,000 EMPLOYEES | 61 COUNTRIES | CONSULTING | SYSTEM INTEGRATION | OUTSOURCING Find out how other retailers are gaining from big data

The Retail Data Storm

shared by Wipro on Jan 31
The Economist Intelligence Unit study, commissioned by Wipro, examines how retailers are reacting to, and how leaders are benefiting from, increasing volumes of data. It examines the role of data in c...


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