With the holiday shopping season right around the corner, there’s no better time to think about what our consumers are facing in the blitz of holiday commercials and deep discounts. In fact, it gives us data specialists a little food for thought in advance of the Thanksgiving holiday.
A few fun data facts to chew on:
- 60% potential increase in retailers’ operating margins possible with big data technologies (such as record linkage)
- More than 50% of retail sales will be online or influenced by online channels by 2013
- The development of big data has the potential to increase sector-wide productivity (to include retail) by 0.5% per year by 2020.
With digital data increasingly becoming an important role as consumers research and buy online, it will be important for retailers to overcome any obstacles related to technology, and of course data. While the retail sector is under intense pressure to increase profitability and bounce back from a rough economy, tools like record linkage software will offer many ways to add value for retailers.
As the old saying goes, knowledge is power. These new technologies are giving shoppers more powerful promotional and product information, and record linkage is definitely a part of this. Big players such as Walmart and Harrah’s are using customer information to make important decisions about everything from their supply chain to merchandising. These companies cull information from various multiple channels, including catalogs, stores (for brick and mortar establishments) and online interactions.
So, with that in mind, we give thanks to record linkage and its amazing benefits. The Data Ladder family wishes you and yours a Happy Thanksgiving!