Ahhh big data, it is definitely the catchphase that’s currently trending. Big data has different applications and definitions, or rather the same definition with a slightly different emphasis depending on the industry.
Big data is exactly what it’s called, it is “big data” — it’s extremely large amounts of data, so large that it cannot be handled by traditional methods.
Just about every industry benefits from using big data; the healthcare industry, government organizations, scientists, professional sports, directors, production companies, editors, and retailers!
Yes, retailers are now using big data to predict what and how we will buy. It seems rather intrusive, but at the same time it can make our shopping experience easier and more productive. Everyone has experienced the ad that popped up on your feed of the exact same item you were doing a search on earlier. Perhaps you posted on Facebook that you were thinking of remodeling your kitchen and now there is an ad for kitchen remodeling.
All of the above technology doesn’t come without its challenges. These challenges are very serious and can cause a whole lot of grief. From storage and transferring, to searches and the almighty PRIVACY.
When investigating how retailers get their big data, privacy doesn’t seem to be a factor. Retailers snoop by setting up ID numbers that track your purchasing history, the credit card you used (we all remember the Target incident), and demographic information. This way they can improve their marketing and promotions; even design products to engage their customer base.
Macy’s in particular has said that using big data has given the department store giant a great advantage, by increasing overall sales by 10%.
Although big data benefits many industries including retailers, it still remains relatively unstructured and confusing. Data Ladder’s data matching software solutions help retailers sort through information quickly and efficiently. Talk to one of our specialists today and get a free trial.