By Graeme Grant, VP Predictive Intelligence, former president and COO at CQuotient
In one of his recent articles, Forbes contributor Howard Baldwin outlines 4 “gifts” big data needs in 2015:
- better marketing
- more relevance
- perspective, and
As I read his piece through a retail lens, I realized the retail industry has already received these gifts and is leading the way toward making big data an even bigger asset in 2015.
Take Baldwin’s first gift, better marketing, which he explains by stating practitioners of big data need to market its value better than they have. I don’t see this problem in retail, where 2 of the biggest priorities are omni-channel and personalization. Every retailer I speak with knows that leveraging big data is vital to both. Consumers know retailers collect data based on each interaction, and every consumer expects this information to be put to good use to provide a relevant and valuable shopping experience. While it is definitely true that many retailers are struggling to meet these expectations, they at least know that big data is the key to doing it! I fear for any retailers that are not convinced of the value big data provides them on a practical level.
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