The shopping experience has been changing dramatically. Power has shifted from retailers to consumers, who can now search, compare and review products from any device.
Big Data integrates and analyzes a wide variety of online and offline channels at an entirely new level by harnessing the massive volumes of new data available today to attract and retain customers.
Smart up- and cross-selling
Up- and cross-selling is a typical big data application in retail. You can recommend relevant products and offer promotions in real time that make sense to individual customers. Customer similarity and/or history may hint at alternative or equivalent purchases.
It’s a win-win: for you, increased revenue; for your customers, a happier experience with heightened mindshare.
Consumers’ increasing social media presence has changed the face of retail. The success of products and the fate of brands are now won daily by monitoring online sentiment and addressing it with relevant offers or communication.
DataSonar allows for real-time ingestion and aggregation of multiple streams of unstructured consumer-generated content to help you get fast insights into social relationships and consumer behavior.
Comparison shopping across multiple channels in real time is now matter of course: the shift has happened. Minor price differences may impact not just a single buying decision but loyalty itself.
There’s no ignoring the challenge: offering the right price, to each individual customer, when it makes sense to them. The idea is not new, but big data makes it come alive with unprecedented ease and efficiency, with additional relevant data thrown in for an even stronger consumer case.
Fraud can take on countless forms, from baseless returns to in-store or inventory theft. DataSonar lets you monitor for fraud, telling outlier from established pattern, constructing predictive models, and automatically alerting for possible occurrences.
Traditional rewards get a boost from big data. Not only you are able to reward your best customers, you can now heed your best invisible sales force: that of your online social product promoters and brand ambassadors.
Use DataSonar to spot, track, and treat them to the best they deserve.
Now that you know Big Data Retail solutions, see DataSonar solutions for Banking & Financial Services.