“Big data” generates “big information”
Big data is being generated by everything around us at all times. Every digital process and social media exchange produces it. Systems, sensors and mobile devices transmit it. A 2012 Gartner report predicts that data will grow 800 percent over the next five years and 80 percent of the data will be unstructured.
In the 1990s very few large businesses took advantage of big data analytics to control excessive inventory and associated storage costs.Today, savvy retailers are harnessing the power of big data by combining data from a number of sources such as web browsing patterns, social media and industry forecasts. Supermarkets are combining their loyalty card data with social media information to detect and leverage changing buying patterns. While customers are getting timely offers and deals that match their needs.In the below info-graphic by Colourfast Printing we take a look at how big data has impacted the retail industry, and how big data benefits both consumers and retailers. (Click on the infographic to read more!)