With the abundance of advertising and special deals for Black Friday and Cyber
Monday, it’s clear these shopping days were critical to retailers. Some forward-thinking retailers unleashed a secret weapon to increase their bottom line this holiday season: big data analytics.
It is now both technically and economically viable to store and analyze consumer behavior data to reveal new insights. Analytics can handle enormous volumes of diverse data and are being deployed by retailers to perform closed-loop analysis to determine the effectiveness of marketing campaigns, customer online buying behavior and inventory optimization. With this information, retailers can monitor and tweak promotions in near real time to maximize
spend, increase profitability and generate incremental revenue during this competitive holiday shopping period. Advanced analytics quickly slice and dice terabytes of data, including millions of daily emails, website clickstream activity and every ecommerce and brick-and-mortar transaction, allowing retailers to perform deep segmentation that is then used to drive highly personalized offers to target customers.
One retailer benefiting from big data analytics this holiday season is BeachMint, an online fashion and home goods provider. BeachMint uses Pentaho Big Data Analytics to analyze all consumer data, including every website click, every clickthrough on its marketing emails and every sales transaction, to improve customer acquisition via effective cross-selling and a sophisticated referral engine.
This year’s biggest retail winners will be early innovators who placed a bet on big data analytics to optimize for big revenue during this holiday season.