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Customer Acquisition Strategies of ‘Retailers’ Drives Uptake of Big Data Analytics Finds Frost & Sullivan - Careful resolution of privacy concerns vital to thrive in the European market - BigData&Analytics.Frost.com
Customer Acquisition Strategies of ‘Retailers’ Drives Uptake of Big Data Analytics Finds Frost & Sullivan

 

PRZOOM - /newswire/ - London, United Kingdom, 2014/11/06 - Careful resolution of privacy concerns vital to thrive in the European market - BigData&Analytics.Frost.com.

   
 
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With an increasing number of retailers competing for customers’ attention and loyalty, it has become critical to understand and cater to consumers’ specific needs. This requirement has thrown the spotlight on big data analytics due to its ability to analyse large volumes of unstructured and structured data from a variety of sources. By offering valuable insights into customer behaviour, it is proving invaluable to retail businesses.

New analysis from Frost & Sullivan, Big Data in Retail, finds that analytics will be applied in front-end as well as back-end applications in retail. The aim of every retailer is to integrate data from multiple channels to provide an omni-channel experience for the customer.

“Omni-channel retail refers to the integration of all existing channels of customer contact to offer a seamless shopping experience,” said Frost & Sullivan ICT Research Analyst Shuba Ramkumar. “Dealing with channels as individual siloes will lead to inaccurate understanding of customers and ineffective decisions. Combining insights from assorted channels will provide a clearer picture of the overall business.”

Processing data real-time and using predictive modelling provide actionable insights that help acquire new customers and retain existing ones. In fact, the combination of descriptive, predictive and prescriptive analytics will enable retailers to keep track of their business at a macro level and further their prospects at the micro level.

While acknowledging the importance of analytics, retailers are also wary of the technological and organisational hurdles involved in implementation. Additionally, inherent issues of privacy violation and non-compliance with data regulations are highly relevant, especially in Europe.

“Data analytics in retail involves the study of consumer behaviour by collecting data points when they shop online on their computers or mobiles or when they walk into a store,” noted Frost & Sullivan ICT Lead Consultant Martin Hoff ter Heider,“Sending customised offers or marketing messages related to their behaviour, though useful, can be discomfiting.”

The challenge for retailers is to respect consumer privacy while making it worth their while to allow retail data monitoring. One way to get them interested is to roll out customer loyalty programs, such as the real-time generation of special offers when customers get in touch with contact centre.

There is considerable growth potential in the European markets, which are a mix of growing and nascent markets. While the United Kingdom, Germany and France are fast adopters, retailers in Southern and Eastern European countries are gradually acknowledging the value of analytics, signifying the growing acceptance of this tool in Europe.

If you are interested in more information on this study, please send an email to Edyta Grabowska, Corporate Communications, at edyta.grabowska[.]frost.com.

Big Data in Retail is part of the Big Data & Analytics (bigdata&analytics.frost.com) Growth Partnership Service program. Frost & Sullivan’s related studies include: Real-time Analytics: NOW Would Be Good, Putting Big Data to Work for Big Telecom, 2014 Big Data and Analytics Market Survey: Initial Observations and Mobile is Growing, but Brands Aren't Buying it: How Consumer Attribution Makes Mobile Ads Pay Off. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.

About Frost & Sullivan
Frost & Sullivan (frost.com), the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.Our “Growth Partnership” supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.

The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.

The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.

For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?

Contact Us: Start the discussion | Join Us: Join our community | Subscribe: Newsletter on "the next big thing" | Register: Gain access to visionary innovation

Big Data in Retail / MAA7-67

 
 
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Customer Acquisition Strategies of ‘Retailers’ Drives Uptake of Big Data Analytics Finds Frost & Sullivan

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