
What Challenges Can Big Data Bring to Retailers?
Suppose a retailer wants to collect customer data on a wide scale. In that case, it must first establish trust, which it can achieve by offering special incentives to customers in exchange for their data (for example, a discount coupon).
FREMONT, CA: Retailers have traditionally utilized data to get insight into their markets and assist them in making key decisions. The utilization of big data, on the other hand, has only become widespread in the last decade or so. This expansion has been especially noticeable among online shopping behemoths, who can readily collect massive amounts of data for later analysis and have utilized it to dominate the industry.
Big data can bring about major challenges for retailers. When working with massive data sets in a retail context, there are a few things to keep in mind.
Following Data Protection Laws and Standards
There is a growing effort to safeguard customers' right to privacy. The recent introduction of numerous laws exemplifies this. Retailers are finding it more difficult to comply with all of the laws and regulations as they get more complex. As a result, any endeavor by retailers to collect analytical data should be done in strict compliance with the law. Apart from the legal requirements, there's also the issue of properly handling data to prevent it from being shared with third parties. This could include things like keeping it safe, establishing a solid company policy, and providing employee training on data handling, among other things.
Building Enough Trust from Customers
Suppose a retailer wants to collect customer data on a wide scale. In that case, it must first establish trust, which it can achieve by offering special incentives to customers in exchange for their data (for example, a discount coupon). Effective branding and advertising are a part of this process, as they assist customers in developing a relationship with the company. Other critical aspects include securely preserving data, never misusing it, and being upfront with clients about what will be collected.
Using Cutting-Edge Technology
Big data analytics relies heavily on technology. Modern technologies such as machine learning and artificial intelligence have a significant impact on the effectiveness of analytics results; therefore, progress is always being made. Retailers must stay up with the continual march of technology to acquire more precise insights from big data, which can be tricky without the correct help and investment.
ON THE DECK
Featured Vendors
Next Level Business Services (NLB): Applying Digital Transformation to Create Supply & Service Value Chains of the Future
Gerber Technology: Reshaping the Dynamics of the Fashion & Apparel and Flexible Materials Industries
FileFacets: A One-stop Solution for Locating and Identifying Data Across the Enterprise" title="Jennifer Nelson, VP, Sales & Marketing" style="float:left; margin-right:10px; margin-bottom:20px;" width="60px" height="50px">
FileFacets: A One-stop Solution for Locating and Identifying Data Across the Enterprise
Infoworks: Dynamic Data Warehousing on Hadoop that Automatically Ingests and Organizes Enterprise Data for All Use-cases
ThetaRay: Advanced Data Analytics Provide an Enhanced Security Layer to Combat Bank Fraud and Cybercrime
VentureSoft Global: Robust Big Data Solutions for Customer, Product Profitability and Operational Efficiency
Absolut-e Data Com BizStats – Leveraging Artificial Intelligence To Extract The True Potential Of Data
Relational Solutions, Inc.: Delivers Enterprise Demand Signal Repositories to the Consumer Goods Ind
Emagine International: Adaptive Contextual Marketing Platform for Personalized Customer Interactions
Cygnus Professionals: Translate Big Data into Actions: An Analytics Platform Transforming Enterprise
EDITOR'S PICK
Essential Technology Elements Necessary To Enable...
By Leni Kaufman, VP & CIO, Newport News Shipbuilding
Comparative Data Among Physician Peers
By George Evans, CIO, Singing River Health System
Monitoring Technologies Without Human Intervention
By John Kamin, EVP and CIO, Old National Bancorp
Unlocking the Value of Connected Cars
By Elliot Garbus, VP-IoT Solutions Group & GM-Automotive...
Digital Innovation Giving Rise to New Capabilities
By Gregory Morrison, SVP & CIO, Cox Enterprises
Staying Connected to Organizational Priorities is Vital...
By Alberto Ruocco, CIO, American Electric Power
Comprehensible Distribution of Training and Information...
By Sam Lamonica, CIO & VP Information Systems, Rosendin...
The Current Focus is On Comprehensive Solutions
By Sergey Cherkasov, CIO, PhosAgro
Big Data Analytics and Its Impact on the Supply Chain
By Pascal Becotte, MD-Global Supply Chain Practice for the...
Technology's Impact on Field Services
By Stephen Caulfield, Executive Director, Global Field...
Carmax, the Automobile Business with IT at the Core
By Shamim Mohammad, SVP & CIO, CarMax
The CIO's role in rethinking the scope of EPM for...
By Ronald Seymore, Managing Director, Enterprise Performance...
Driving Insurance Agent Productivity with Mobile and Big...
By Brad Bodell, SVP and CIO, CNO Financial Group, Inc.
Transformative Impact On The IT Landscape
By Jim Whitehurst, CEO, Red Hat
Get Ready for an IT Renaissance: Brought to You by Big...
By Clark Golestani, EVP and CIO, Merck
Four Initiatives Driving ECM Innovation
By Scott Craig, Vice President of Product Marketing, Lexmark...
Technology to Leverage and Enable
By Dave Kipe, SVP, Global Operations, Scholastic Inc.
By Meerah Rajavel, CIO, Forcepoint
AI is the New UI-AI + UX + DesignOps
By Amit Bahree, Executive, Global Technology and Innovation,...
Evolving Role of the CIO - Enabling Business Execution...
By Greg Tacchetti, CIO, State Auto Insurance