Australian cloud point of sales company Kounta recently launched Kounta Insights, an analytics platform that dives deep into point of sale data for a particular store or outlet. Information is power, and what better way to amass it than from sales data of the many products you push out?

Here are the many ways Big Data can help revitalise the ever-growing-but-ever-saturating business:

1) Cost-effective technology


Cloud-based storage has become so inexpensive over the past few years, and technology has become smart at the way it handles Big Data. This means that business intelligence and analytics platforms don’t necessarily need to cost the earth.

2) Growing data volumes


The future of retail is online and the future of online is mobile. The rise of both these elements have accelerated the growth of available customer data. A typical retailer can get to know a lot about their business and their customers with the data that they have already been collecting for years.

They just need the right tools — and big data is one of them.

3) Omni-channel data


Insights reached through analysing transactions and in-store traffic like checkout wait times have changed the way stores are designed and how they communicate in and out of these places. Tools like online analytics and smart devices bring enterprise-level performance to provide a complete customer view to today’s small business owners.

4) Segmentation


Segmenting, servicing and marketing in a targeted way to different types of customers is essential to success, especially considering that it costs more to acquire new customers than to keep the best customers.

5) A personalised experience


Big Data (especially live Big Data) gives a real-time view on all customer interactions that enables quick decisions to be made tailored to customer movements and interactions with stores. Reaching customers at the right time, in the right place, through the right channels is now possible.

Source: e27.co