Online Retail’s Big Data Opportunity
The era of Big Data has arrived. But in a recent survey reported by eMarketer, more than half of retail executives were either not clear on what Big Data is, or not sure of its implications for retail.
In retail, Big Data is created from many consumer touch points both in store and online. From hundreds of thousands of online clicks, transactions, or ad impressions you can gain insights into what consumers like, the exact type of product they order most, the prices they pay, where they come from and where they leave to. We’re not talking new data per se.
But because it is the interplay of all these signals that creates insights and value, it doesn’t readily fit into the field structures and taxonomies of traditional database models. And it is indeed big, easily exceeding the handling capacity of traditional data tool sets.