Prashant Mehta, VP & Global Delivery Lead – Systems Integration Practice, SapientNitro, discusses the importance of data analytics for the retail sector and the new way of marketing to new and evolved consumers on ET Retail.
Digital disruption in the age of customer is driving transformation in most businesses around us today, particularly in retail. Retailers are swiftly recognizing this shift and are at various stages of evolution to leverage data to transform their business.
Data is the ‘Holy Grail’ for the retail sector. It has not been long since retailers started to leverage data and analytics to improve customer experience and thereby top line growth.
As consumers evolve, they begin expecting and even demanding highly contextual personalized experiences. Retailers today need to start building sophisticated and mature data analytics capabilities to meet these expectations.
Key current trends that are driving this shift:
- Big Data is a great enabler for all retailers.
- Big Data is driving significant amount of personalization.
- Big Data analytics can help understand the motivation and / or intent.
There is a huge opportunity to drive better personalization by leveraging IOT (Internet of Things) & Sensor Technology, along with data & analytics. This in turn will help bridge the gap between online, offline and social behaviors to provide personalized experience to customers.
IOT along with innovation in short range wireless communication technologies like beacons, NFC (Near Field Communication) and other proximity sensors are enabling retailers to integrate physical (offline) retail data with digital (online) & social data. This empowers retailers to get a better understanding of customer behavior across different channels.
(Source: ET Retail)