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With an average website visitor conversion rate of just 3%, retailers struggle to convert sales. Online retailers lose an estimated $18 billion in revenueannually due to last-minute cart abandonment. Remarketing, the use of real-time insights to provide targeted recommendations, is just one effective big data methodology that can yield a 55% increase in spend from cart abandoners.
Few industries are more impacted by quickly-changing consumer trends than retail. The complexity of consumer preferences means that big data is “especially promising and differentiating” for organizations in this sector, according to IBM’s Rebecca Shockley and Keith Mercier. In a retail environment where consumers take a multi-channel approach to product selection and purchase, creating a 360-degree view of target customers is particularly critical to retaining business.
62 percent of retailers report that increased adoption of analytics is creating a competitive advantage. While retail adoption of third-party data actually lags slightly behind other industries, retailers who optimize for modern cross-channel shoppers are likely to gain an immense lead. In this article, we’ll explore some ways that modern retailers are utilizing big data insights to understand cross-channel behaviors and create a targeted customer experience....
Useful examples of big data deployment by retailers for competitive advantage.