The dialogue on “Big Data” in retail is gaining importance as retailers begin to understand and experience the benefits of Big Data on their businesses. In a report by Power Retail, for example, Ellie Cummins wrote,
By the end of 2015, global data centre IP traffic will reach 4.8 million zettabytes per year. That’s 4.8 million terabytes of worth of untapped data, containing highly valuable information about consumers.
Cummins then explained that Big Data must be combined with analytical skills and a budget in order to drive efficiency and responsiveness to customer needs. The largest benefits of Big Data will come to those retailers who:
Here are some additional tips for those retailers who aren’t quite ready to invest in Big Data analysis solutions: