As a retailer you need to understand and predict consumer behaviour, this is possible thanks to big data. Relevant data comes from lots of different sources such as store transactions, GPS signals, social media, and even the weather. The unstructured nature of data hinders generating meaningful insights.
Yet demand of customers for personalised experience is growing. But due to the overload of data, companies can't generate a single customer view. Staying competitive requires accurate and real-time data. So you can gain predictive insights, offer a tailored service, and be ahead of the competition.
Companies need to be able to offer their products at times of customer peaks. Requiring available stock, but inefficiënt stock management leads to higher inventory costs. This requires data-driven stock management with predictions of trends, based on real-time data, combined with integration of automated purchases when low on stock for lower operational costs.