What Is ‘Big Data’ In Retail & Why You Should Care

Retailers have collected enormous amounts of transactional data for a long time. Today’s digitally enabled shoppers not only investigate products in-store, they also extend their research into the digital domain. This non-transactional data created during consumers’ digital experiences define “big data” in retail. According to recent research by Penton’s retail and restaurant groups, companies are using data gleaned from consumers’ digital activities to better understand consumer preferences before they see it in sales. This allows companies to respond quickly to shifts in demand, pricing, promotions and assortments by influencing customer choices with targeted and timely value offers.