Big Data is the Key to Retail in [2016]

Brick and mortar stores who wish to stay in business in 2016 must change the way they engage with customers.  This is a direct result of a very real shift that is occurring as more consumers choose to spend their dollars online.  To put this into perspective, online shopping in the U.S alone rose 23% in 2015 to 76.9 billion and it is expected to increase at a similar pace again this year.

In order to survive in today’s marketplace, retail must embrace the innovative technologies that have been driving this eCommerce boom, namely personalization, and big-data.

By embracing personalization and big data, retailers can take cues from leading online brands such as Netshoes, Crate & Barrel and Hayneedle who have long relied upon Baynote to power their personalization initiatives.  These companies have shown that they are serious about every aspect of the customer experience and are willing to double down to meet the needs of today’s demanding shopper.  As a result, these online retailers have become wildly successful and have built a very loyal customer base.

“The ability of this solution to intelligently introduce our customers to relevant products across our ever growing assortment made the Baynote solution a superb choice to augment our internal expert recommendations.”

— Dave Markle, Director of Site Experience. Hayneedle

Similarly, brick and mortar brands such as Bloomingdales, Gander Mountain and Brookstone have also made the shift to providing a more data-driven customer experience.  By partnering with RetailNext, a leader in the in-store analytics space these brands and many others are utilizing real-time analytics to collect, analyze, and visualize in-store data from a nearly endless number of touchpoints.  This data is giving these traditional retailers the ability to gain shopper specific insights which had before only been available to online retailers.

“It helps us make a better correlation between transaction data and traffic.  So we can find opportunities we might be missing.”

– Chris Schindler, Director of Operations. Gander Mountain.

By taking advantage of innovations in technology from companies such as Baynote and RetailNext, retailers are able to maximize the lifetime value of their shoppers, increase average order values, conversion rates and grow their bottom line.  Whether online or offline, the retail brands of today are able to truly drive seamless personal shopping experiences that customers have come to expect.

The only question is which retailers will heed the siren’s call and provide the personalized shopping experience that their customers are demanding and which will go out of business, there is no middle ground.

Author: Dan Saso

“Creativity is intelligence having fun.” – Albert Einstein