IDC Retail Insights Report Reveals How Retailers Can Monetize Big Data
Research finds omnichannel retail business and IT strategies will continue to rapidly evolve
(PresseBox) (Framingham, MA, )IDC Retail Insights released a new report that addresses the big data and analytics needs of retailers. The new study, Business Strategy: The Big Data and Analytics Pillar of 3rd Platform Retail IT (Document #GRI236643),examines the big data and analytics pillar of the 3rd Platform of Information Technology in the context of omnichannel retail.
The 3rd Platform of information technology and its four pillars—big data and analytics, mobility and broadband, social business, and cloud services – is creating an ecosystem within which retail business and IT strategies will continue to rapidly evolve. The 3rd Platform is already playing out in retail, creating new line of business roles, bases of competition, applications and analytics, and the adoption of consumer and associate online devices inside stores.
Together these forces create an information environment within which retailers earn customer loyalty, bring successful new products to market, collaborate through supply chains with business partners, enable associates, reduce risk, ensure compliance, promote their brand. However to do this effectively, retailers need to capitalize on big data and analytics.
“Four quadrants of the intelligent retail economy—customer data sources, social data sources, market data sources, and supply data sources produce constant streams of data creating millions of transactions and billions of interactions,” said Greg Girard, Program Director of IDC Retail Insights. “The returns on investment in big data and analytics can be monetized through traditional levers of customer loyalty, revenue growth, cost reduction, and new business models. Value creation requires aligning big data and analytics projects with three imperatives of omnichannel retail – insight, personalization, and personalized community engagement with the brand. Retailers will derive more value from big data and analytics as they successfully manage five dimensions of change – intent, process, people, data, and technology."
In addition to addressing the value big data and analytics can bring to retailers through insight, personalization, and community, the study also identifies barriers to big data value monetization, and presents considerations for charting a path to big data and analytics value in the context of retail.
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