Big data is the new crude oil
In 2003, all the documents, letters, books, music, TV shows and movies ever recorded by mankind since the beginning of time was the equivalent of 5billion gigabytes of data. In 2013 we created the same amount of data every 10 minutes.
'Ongoing data growth will outperform Moore’s Law'*
Its been said that Big Data is the new crude oil. Online retail marketers already know that to be true, but its equally true that bricks-and-mortar retailers are sitting on reserves they've never been able to fully harness and monetize.
At a traditional bricks-and-mortar retailer, the customers come and go, leaving not even footprints
Most large retailers are sitting on a huge pile of customers' transactional data - they know who bought what and when, and armed with that information they can undertake some basic personalization. But for those retailers who haven't embraced omni- or even multichannel marketing, a massive flow of potentially-valuable contextual data gushes past every day in the form of customers’ locations, device interactions, buying behaviors, preferences, social map, and demographics.
Retailers would love to collect and use this data to better understand and thus directly engage with customers in a way that is relevant for them, leading to incremental visits, sales, enhanced loyalty and even proactive advocacy by delighted customers, just as online retailers do. But this is far beyond the capabilities and capacities of the generation of in-store technologies retailers have relied upon until today.
Smartphones and IoT are now combining to release the data gusher that transforms this featureless data desert into new revenue streams
The 'big data' phenomenon has never been about the data itself, but about what we can do once we've collected and analyzed these massive flows of information. The current mobile and IoT retail disruption is all about the ability to capture and make use of customer data in real-time cost-effectively. Plexure’s big data solutions, based on the latest Microsoft Azure cloud-based database, BI and machine-learning technologies and techniques, are achieving this aim; harnessing and monetizing the gusher affordably for the retailer, for the first time.
This new capability cannot be underestimated. Gartner predicts that “Big data will deliver transformational benefits to enterprises, and will enable enterprises adopting this technology to outperform competitors by 20% in every available financial metric.”
Retailers could clearly prosper by following John Paul Getty's well-known 3-part formula for success: rise early; work hard; strike oil.