Big Data & Retail
Retailers have it pretty tough when it comes to getting insight on their customers. Understanding footfall and who is actually buying your products is the Holy Grail of retail, and the motivation behind huge budget expenditure on loyalty cards and programs. What is almost impossible to know is what else they’re buying and how your own products fit into their shopping pattern.
The news that Mastercard’s information services are booming is therefore hardly surprising. In a world where people are grappling with Big Data and how to monetise it Mastercard are providing retailers (and anyone else for that matter) access to real time spending patterns and consumer trends. This service provides a vein of incredibly valuable insight into shopper behaviour, both online and the high street.
In an interview with Reuters, Ann Cairns, who heads MasterCard’s business outside North America said “Retailers are fantastic at using the data they have available about how people shop in their store, how their inventory turns over, but what they don’t know is what happens outside their store,” she said. “The data we’ve got is ubiquitous across the whole market. We can help retailers see what they need to do to capture more sales.” See more of her interview here. http://uk.reuters.com/article/2014/06/11/us-mastercard-data-idUKKBN0EM1CI20140611
What a great example of how Big Data can actually be used to drive insight and value. I for one can’t wait to see how retailers harness it.