Retail data is growing exponentially each year in volume, variety, velocity, and value. Retailers are collecting large amounts of customer data to better understand shopping habits and behaviors to increase profits. Combining customer insights with analytics can help both large and small retailers improve sales, spot emerging trends, and suggest new products customers may want.

2. Retail data is increasing
exponentially in volume, variety,
velocity and value with every
year. Retailers are becoming
more and more aware that each
one of these interactions holds
the potential for profit. They
have begun gathering and
using large amounts of data.

3. Huge retailers are known to
track users’ habits, search and
shopping behavior, and more.
For smaller retailers,
combining these insights with
detailed analytics can reveal
better sales, display emerging
trends, or suggest better
product prospective that
customers may want.

4. Many companies plan their
prices on historic data and
established theories such as
customer tendencies and
trends. Retail has become as
mostly about calculating
customers’ needs as it is
about simply stocking nice
products.