Retail Embraces Big Data: Reading Consumers with Data

Retail industry embraces big data: reading consumers with data

? In the past year, the concept of "big data" has continued to heat up, and the heat has covered every industry except the Internet. The concept of big data is no longer necessary to say, big data is not just "looks beautiful", how to effectively use big data to create business opportunities, so that big data to better play its own value, to bring more benefits for the enterprise, has become the problem of various enterprises need to be resolved.

The origin of big data is attributed to the Internet and e-commerce, but the biggest application prospect of big data is in traditional industries. First, because almost all traditional industries are being Internetized, and second, because traditional industries still account for the vast majority of the country's GDP.

Specifically, the industries in China that need big data services the most are those that have been hit the hardest by the Internet, firstly offline retail and secondly finance. By the impact of e-commerce, many domestic retail giants have experienced a serious slowdown in growth, and even suffered negative growth, offline retail has reached a crisis point where it has to change. We see Yintai Department Store, Wangfujing Department Store, Wanda Group, these traditional giants with a sense of innovation began to use the Internet and big data to transform offline business. How should traditional retailers with hundreds of stores face the rapidly emerging Internet battlefield? How can traditional retailers with huge amounts of member information and purchasing records utilize their data advantages to quickly capture the market in the gradually changing consumer market?

Brick-and-mortar stores hold the majority of market share among all retail channels, but the appeal of online channels is growing rapidly, especially for Chinese consumers. As online and offline shopping become more integrated, survival and success will depend on retailers' ability to reach consumers across all channels and, more importantly, their ability to provide them with a seamless multi-channel shopping experience. Consumers who are in control today want to enjoy the benefits of both online and offline channels and will shop with retailers who can deliver a superior multi-channel shopping experience.

How do you build a seamless offline and online brand and shopping experience that facilitates consumer choice, and thus earns customer loyalty and lasting customer relationships? These once thorny questions are now being solved. BigDataManagement (hereinafter referred to as "BDM"), a domestic big data technology service provider, has launched a big data management platform (hereinafter referred to as "BDM") through the integration of the first, second and third-party user data, data cleansing, processing and modeling, to provide a variety of data products and applications for the enterprise's strategy, operation, management, marketing, marketing and so on. data products and applications. The traditional retail industry has a huge amount of data. Every day, every transaction, every order, every promotion, generates countless data. A noteworthy status quo is that most of the current enterprises have not yet utilized this data. The integration and interpretation of this data will be an intangible asset of the enterprise, and become its greatest advantage, helping traditional retail enterprises to quickly seize a place in the rapidly changing Internet market.

So how should retailers apply big data to their business activities? Take a look at how Percentage Point portrays it.

User A is a standard photography enthusiast, and we know that the website he most often visits is the "photography enthusiast forum". One day when user A opens a website to browse today's news, he is quickly attracted by an advertisement posted by a camera manufacturer on the front page of the website, and realizes that it is the "new lens" that he is interested in, and decides to go to a physical store to take a look. Yes, BDM knows that user A is a sensible consumer by his browsing habits, etc.".

When user A came to the physical store, a digital journey was about to begin. As a member of a shopping mall, user A buys a coffee with his mall membership card, and finds that the purchase ticket shows "Members enjoy 10% discount on digital products today. When logging into the mall's free Wi-Fi, User A receives a personalized recommendation from the mall that says, "The latest lenses can be exchanged for a camera bag at a low price when purchased today. In the end, user A bought the "latest lens" at a discounted price and got the "camera bag" at a low price from "x-mall".

In the above story, "photography enthusiast forums," "camera manufacturers," "websites," and "malls" are all part of the "percentile" story. " are all part of the percentile big data family. Percent BDM collects massive data from social media, forums, and third parties, and analyzes and integrates it. Macro user profiles show that "85% of consumers will buy lenses within two years after purchasing a DSLR."

The above is just an example of how Percentage BDM analyzes and profiles users and uses this information for business. In fact, 98% of Chinese consumers expect retailers to use the information they have to offer personalized promotions and advice. In this area, Percent focuses on two aspects: one is the bridging of online and offline data to provide users with a consistent shopping experience; the other is to apply e-commerce experience to traditional outlets to provide them with new marketing tools.

Percent BMD better understands and predicts consumer behavior through the integration and interpretation of massive amounts of data, grasping consumer preferences and needs and even lifelong customer value in order to seize brand new promotional opportunities and provide them with more personalized products and services. By integrating data from multiple sources, retailers provide consumers with an innovative shopping experience that promotes brand loyalty and repeat purchases, further enabling retailers to grow their profits and market share.

As a big data service provider, Percent has been committed to the development and application of big data technologies. Percentile uses big data analytics to profile users, as well as using user profiles to help businesses achieve personalized service. In any business, the ability to read users and analyze user data to foresee the future is effective, which is also the way of the future development of business innovation.

The above is what I share with you about the retail industry embracing big data: using data to read and understand consumers, more information can be concerned about the Global Ivy to share more dry goods