Covering Disruptive Technology Powering Business in The Digital Age

This article was originally published by forbes.com and can be viewed in full here

Both online and offline, retailers which are embracing a data-first strategy towards understanding their customers, matching them to products and parting them from their cash are reaping dividends.

Although we are not quite (yet) at the stage where drone delivery and mind-reading predictive dispatch are mainstream, things have moved on greatly from early Big Data retail experiments, such as Target’s infamous attempts to work out who was pregnant. Today, retailers are constantly finding innovative ways to draw insights from the ever-increasing amount of structured and unstructured information available about their customers’ behavior.

Big Data analytics is now being applied at every stage of the retail process – working out what the popular products will be by predicting trends, forecasting where the demand will be for those products, optimizing pricing for a competitive edge, identifying the customers likely to be interested in them and working out the best way to approach them, taking their money and finally working out what to sell them next.

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