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Realizing the full potential of Big Data & Retail Analytics

We’re approaching a point where we need to move beyond the term “big data,” or least add a subtitle – if we don’t, we risk not capturing its full potential. Part of the term’s allure is its lack of a precise meaning, which makes it easy “to put more of what you want” under it. But the squishy definition isn’t the only thing holding back progress - there are several key factors that need attention.

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Realizing the full potential of Big Data & Retail Analytics

  1. 1. What Will it Take for Retail to Realize the Full Potential of Big Data and Retail Analytics Bill Bishop Chief Architect Brick Meets Click Brick Meets Click delivers the strategic insight and guidance that retailers, suppliers, & technology providers need to drive growth by meeting shopper needs in an omnichannel environment.
  2. 2. October 2013 The Big Problem Many of those who understand big data’s potential struggle to explain it to retail business leaders. Solutions What we can do….. 1. Bring more richness to the definition of big data by adding business focus by application; e.g. big data for margin enhancement, big data for productivity improvement, etc.
  3. 3. October 2013 Solutions 2. Develop a clear vision of the end game. There are solid starting points:  On the supply side, the initial Efficient Consumer Response (ECR) Report.  On the demand side, the book “One to One Marketing”.
  4. 4. October 2013 Solutions 3. Encourage more collaborative data sharing:  Traditionally retailers have limited or sold access to data, but that’s starting to change.  Fear on the part of those “in the middle” is discouraging data sharing.  The trick is to find the real win/wins.
  5. 5. October 2013 Solutions 4. Create and drive adoptions of new performance measures.  The creative opportunity is to identify new ways to encourage behavior in a data-rich world. Metrics will follow.  Traction will occur when the new measurements become an integral part of incentive systems.  This sounds straightforward, but it’s hard and will be the key to accelerating change.
  6. 6. October 2013 Next Steps • Add your perspective by participating in the Brick Meets Click survey on big data in retail - Big Data Survey • Offer your thoughts on what’s needed with a comment on the blog - What's Needed for Retail to Realize the Full Potential of Big Data & Retail Analytics Thanks for your contributions to this important dialogue.