Retailers Will Win By Embracing Big Data
Using Big Data to Succeed
Retailers wanting to succeed must use a big data approach to customer analytics. The conventional approach for large retailers is to adopt new frameworks such as MapReduce or in-memory processing frameworks like Apache Spark and throw all of their data into a giant new data warehouse. All this does is set up the data for advanced modeling; it doesn't actually give the retailer any ammunition in terms of customer insights, marketing insights or specific recommendations.
In 2015, we'll see more retail consolidation. However, we'll also see other retailers grow at record rates. The common denominator between success and failure will be how they use their data to understand their customers and marketing efforts. Retailers need to buy big data solutions that are targeted to their specific industry and focus on the actions and insights they can actually take. Imagine showing up to the Formula 1 circuit with only the latest tools to build the car. Don't be surprised when your competition runs laps around you because they showed up with a purpose-built race car.
Kerry Liu is the CEO of Rubikloud, a retail intelligence platform that collects and analyzes customer-centric data for retailers.