• Share
  • Email
  • Embed
  • Like
  • Save
  • Private Content
The Data Storm – Retail and the Big Data Revolution
 

The Data Storm – Retail and the Big Data Revolution

on

  • 384 views

Big data usage is still in its early stages among retailers. Respondents are uncertain about its impact on sales and believe it can do more.

Big data usage is still in its early stages among retailers. Respondents are uncertain about its impact on sales and believe it can do more.

Statistics

Views

Total Views
384
Views on SlideShare
329
Embed Views
55

Actions

Likes
0
Downloads
15
Comments
0

4 Embeds 55

http://www.wipro.com 50
http://www.wiprostaging.com 3
http://www.slideee.com 1
http://www.google.com.au 1

Accessibility

Categories

Upload Details

Uploaded via as Adobe PDF

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

    The Data Storm – Retail and the Big Data Revolution The Data Storm – Retail and the Big Data Revolution Presentation Transcript

    • The Data Storm – Retail and the Big Data Revolution An Economist Intelligence Unit Report 1 © 2013 WIPRO LTD | WWW.WIPRO.COM | CONFIDENTIAL
    • HIGHLIGHTS Impact of Data and Analytics on the Retail Value Chain Based on a survey of C-suite execs Big data usage is still in its early stages among retailers. Respondents are uncertain about its impact on sales and believe it can do more. • Focus has been more on marketing and less on areas like product R&D and logistics. • Need to know more about customers without alienating them and within legal boundaries. • Data is set to play a greater role in overall corporate strategy. 2 © 2013 WIPRO LTD | WWW.WIPRO.COM | CONFIDENTIAL
    • The Survey 50 executives from finance, technology, marketing and strategy functions were surveyed Geographical Location (% respondents) Line of Business (% respondents) Others Grocery/Food 40 60 16 Europe North America Furniture/ homeware Immediate Consumption 24 8 12 20 20 Fashion & Apparel Large mixed retail Revenue Distribution (% respondents) 46 $0.5bn-$1bn 3 38 $1bn-$5bn © 2013 WIPRO LTD | WWW.WIPRO.COM | CONFIDENTIAL 6 10 $5bn-$10bn >$10bn
    • Data Collection: Too much of a good thing? • ~90% of the world’s data created in the last two years • Data overload problem faced by half the respondents – how to filter out relevant data The Good The Bad Effectiveness of translating new data into useful information (%) Highly ineffective 0 0 28 Reasons preventing effective data use and % of respondents affected Data overload 50 Somewhat ineffective Uncertainty about strategic importance 32 Neither effective nor ineffective Legal barriers to data sharing 44 Data quality issues 28 Highly Effective 28 Costs in connecting POS to systems 28 • Most corporations saw 35%-50% CAGR in data over the past decade • All respondents are prioritizing data collection • There is a correlation between high EBITDA growth and having a well-defined data policy 4 32 Somewhat effective • Roughly half the firms do not analyze data coming to them from non-traditional sources • Only 46% confident that their firms’ analytical abilities are keeping up with data volumes © 2013 WIPRO LTD | WWW.WIPRO.COM | CONFIDENTIAL
    • Marketing and Multi-channel Sales • Marketing has been a top priority for data analysis spending by retailers • Among top 3 focus areas for 46% respondents; 64% saw increase in loyalty due to big data • Increasing need to ensure transparency and regulatory compliance CRM: Brand Loyalty Omni-channel Commerce Identify customers and individual needs Coordinate physical, online, mobile experiences Offer next logical item, dynamic pricing Know customer better, use their preferred medium Still a long way to go • Only 20% say CRM is a priority and 38% believe their capabilities are of above average maturity • 72% can’t answer if further personalization would alienate clients 5 Why pursue omni-channel capabilities? • Lack of cross-channel capability dampens sales by 4.5% • Social media can be leveraged by establishing multiple links to customers © 2013 WIPRO LTD | WWW.WIPRO.COM | CONFIDENTIAL
    • Beyond Marketing: Corporate Strategy • Internal focus areas where big data can be used are also gaining traction • Corporate strategy & store operations are next in line after marketing (~40% respondents) Technology has caused previously unusable internal data to become relevant The next big thing • Leading companies (in terms of EBITDA growth) use data in their business thinking, not just marketing • Investment in data analysis for the strategy function is poised to exceed that for marketing Marketing Store operations Corporate strategy 46 40 Next two years 44 40 40 62 Top priority areas for investment in data analysis (% respondents) 6 Past two years © 2013 WIPRO LTD | WWW.WIPRO.COM | CONFIDENTIAL
    • Conclusion • While most retailers use analytics, only a minority believe that they derive full benefits • There is a lot of room for growth in almost all areas of operation, be it marketing or logistics Personalize customer experience Omni-channel commerce Use data to get 3D view of customers Helps increase sales and improve customer relations Judicious use of customer data Increase scope Avoid unsolicited or irrelevant communication; abide by regulations 7 Apply data analysis throughout the firm to improve efficiency and decision-making © 2013 WIPRO LTD | WWW.WIPRO.COM | CONFIDENTIAL
    • For more details please visit the link below: http://www.wipro.com/retail-big-data-revolution/ 8 © 2013 WIPRO LTD | WWW.WIPRO.COM | CONFIDENTIAL
    • About Wipro Wipro Ltd. (NYSE:WIT) is a leading Information Technology, Consulting and Outsourcing company that delivers solutions to enable its clients do business better. Wipro delivers winning business outcomes through its deep industry experience and a 360 degree view of "Business through Technology"; helping clients create successful and adaptive businesses. A company recognized globally for its comprehensive portfolio of services, a practitioner's approach to delivering innovation and an organization wide commitment to sustainability; Wipro has over 140,000 employees and clients across 61 countries. For more information, please visit www.wipro.com. 9 © 2013 WIPRO LTD | WWW.WIPRO.COM | CONFIDENTIAL
    • Thank You ©Wipro Limited, 2013. All rights reserved. For more information visit www.wipro.com No part of this document may be reproduced in whole or in part without the written permission of the authors. Wipro is not liable for any business outcome based on the views presented in this document. For specific implementation clients should take advise from their client engagement manager. 10 © 2013 WIPRO LTD | WWW.WIPRO.COM | CONFIDENTIAL