Data Analytics for Mom and Pops
For large corporations and companies, using Big Data is nothing new. Taking large volumes of information to make complex decisions and increase profits has been a common practice for many financial institutions as technology allows information from credit card transactions, mobile devices, social media and other resources to find trends among consumers and cater to specific customers based on past purchases.
But it’s not only large companies that can benefit from this information. MasterCard and IBM are pushing for small mom and pop shops to use Big Data to increase their profits as well. In an article for Newsday, small stores purchase data to compete with other similar businesses.
“A pizza parlor in Westchester near our office cannot possibly know enough about their competitors and what’s going on. But if they self-identify their competitor … I could tell them when they run a promotion, when the other guy runs a promotion, where their usage comes from. Very valuable information at a very reasonable price,” MasterCard CEO Ajay Banga said to the news source.
Ed Abrams, the vice president of midmarket business at IBM also said that he’s noticed places he goes to are using data analytics to increase profits. Since he drops off a coat for dry cleaning on a consistent timeline, he has begun receiving coupons for coat cleaning on his off weeks.
Obtaining this information is also becoming easier. Along with data engine software, payment companies like Square provide users with credit card information from its iPad application, and MasterCard and American Express both sell this type of data.
As Big Data becomes both more accessible and affordable, small mom and pop stores may find that this is the norm, not the exception.
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