We often write about the potential Big Data has to help banks increase profits, by making more accurate decisions about borrowers, and creating more personal service with customers. For retailers, these same resources can be used to find exactly what customers want, and help stores plan accordingly. But there are other ways that retailers can benefit from Big Data, an article in Practical Ecommerce explains.
With Big Data, retailers can perfect the delivery process when transporting goods. By knowing exactly when a truck is expected to arrive somewhere, with data from weather or traffic, businesses can avoiding wasting energy waiting for resources. Additionally, by finding times when a delivery has taken longer than necessary, Big Data can help prevent these delays in the future, so retailers can provide customers with their products efficiently.
Additionally, this data can also help businesses find which products to offer where, with data from social media and payments. The news source explains that some locations may benefit from offering gift wrapping, while others from more environmentally friendly or affordable products. By finding how customers use their products, businesses can better prepare these from the supply end.
Lastly, Big Data can help retailers improve inventory and product sourcing. Between when particular products are most desired by companies, and when orders go out, businesses can avoid having an item either out of stock, or having too many in store that aren't wanted by customers.
In order to achieve the benefits that Big Data provides, businesses can invest in data aggregation and data integration software. By working with this information, retailers can improve customer service and increase efficiency on their back end.