HOW THE GAME IS CHANGING: BIG DATA IN RETAIL

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1 BRICK MEETS CLICK BIG DATA UPDATE, 4Q 2013 HOW THE GAME IS CHANGING: BIG DATA IN RETAIL We ve been tracking retailing professionals experiences and attitudes toward big data regularly over the past two years. The March 2013 survey made it clear that big data had the potential to change the way retailers compete. More than 100 professionals participated in the October 2013 survey. The results confirm the increasingly important role big data is playing in changing the game of retailing, and they point to what we should be watching for in the next 12 to 24 months. Overall, big data and retail analytics may be only one of the new challenges retailers are wrestling with, but it stands out because it can do so much specifically: > BIG DATA CAN IMPROVE EXECUTION, SOMETHING RETAILERS UNDERSTAND VERY WELL. > ANY SIZE RETAILER, SMALL OR LARGE, CAN LEVERAGE IT IF THEY RE WILLING TO TAKE THE PLUNGE. > BIG DATA CAN CREATE NEW, PERFORMANCE- IMPROVING CAPABILITIES. Brick Meets Click delivers the strategic insight and guidance that retailers, supplliers, and technology providers need to drive growth by meeting shopper needs in today s omnichannel marketplace. Visit us at brickmeetsclick.com.

2 BIG DATA SCORECARD, 4Q 2013 PAGE 3 A must-have capability? 73% SAY IT S NECESSARY FOR OMNICHANNEL EXECUTION. 4 Biggest competitive advantages? 73% CITE ITS PREDICTIVE ANALYSIS CAPABILITIES. Speed and agility. 72% SAY IT WILL SUPPORT FASTER DECISIONS. 5 Most common focus for projects? 31% FOCUS ON OPTIMIZING DELIVERY OF SHOPPER MESSAGES. Customers. 28% ARE MINING FOR SHOPPER INSIGHTS. 6 How will it surprise and delight 91% SAY IT WILL MAKE GREATER PERSONALIZATION POSSIBLE. shoppers? 7 Which digital breadcrumbs are FOR THE FIRST TIME, SOCIAL MEDIA AND WEBSITE DATA RANK retailers tracking? AS HIGHLY AS ITEM-LEVEL SALES DATA. 7 Will access to customer data MANY SEE LIMITS IN THE FUTURE, BUT WILL RESTRICTIONS BE be restricted? DRIVEN BY GOVERNMENT REGULATIONS OR SHOPPER CONTROL? 8 Where s the supply-side focus? INVENTORY OPTIMIZATION AND SUPPLIER COLLABORATION GET THE HIGHEST RANKINGS ON THE SUPPLY SIDE. 10 The ROI is taking shape. HALF THE COMPANIES RUNNING BIG DATA PROJECTS HAVE ESTABLISHED THE BUSINESS CASE AND BEGUN TO MEASURE BENEFITS. 10 Who sponsors the majority MARKETING LEADS AT 55%, FOLLOWED BY MERCHANDISING AT 14%. of projects? 11 Biggest barrier to use? LACK OF ORGANIZATIONAL READINESS SLOWS ADOPTION. 2

3 A MUST-HAVE CAPABILITY? > Big Data is creating the capabilities retailers need to compete in a changed marketplace. 73 % AGREE BIG DATA IS NECESSARY TO EXECUTE A SUCCESSFUL OMNICHANNEL STRATEGY. Traditional competitive tactics will no longer generate the necessary sales growth in a marketplace that s been changed by ecommerce and the challenge of connecting with digitally empowered shoppers. Among retailing professionals, nearly 3 out of 4 believe that big data will play an important role in creating the capabilities needed to execute competitive omnichannel strategies, from managing assets across channels to radically improving customer service and conducting social media dialogs with shoppers. 63 % SAY BIG DATA APPLICATIONS MAKE IT EASY TO INNOVATE IN WAYS THAT DISRUPT THE MARKET. Bringing disruptive change to the market isn t for all retailers, but big data is likely to be a part of the process for those who want to play in this space. 3

4 THE BIGGEST COMPETITIVE > ADVANTAGES? Increased speed and agility. Those who can make and execute decisions confidently and quickly will have the advantage in today s fast-moving marketplace, and big d ata is expected to deliver increased confidence, speed, and agility. PREDICTIVE ANALYTICS WILL HELP SHOW WHERE THE BUSINESS IS GOING. RAPID EXECUTION WILL CAPTURE MORE BENEFITS. Big data is also making it possible to find out what works and doesn t work faster than ever before by including new data sources, and making it possible to move beyond traditional statistical tools like sampling to direct experimentation. WHAT S THE MOST IMPORTANT WAY BIG DATA CAN BE USED TO CREATE VALUE FOR RETAILERS? 73 % USING PREDICTIVE ANALYSIS 72 % SUPPORTING FASTER DECISIONS 49 % INCLUDING NEW DATA SOURCES 33 % EXPANDING BEYOND SAMPLING 33 % CREATING SINGLE DATA SOURCE 25 % CONDUCTING LARGE-SCALE EXPERIMENTS 4

5 MOST COMMON FOCUS FOR CURRENT > PROJECTS? Customer messages and shopper insights. Omnichannel shoppers offer retailers more opportunities for communication, but the process is more complicated. TOP BUSINESS FOCUS: MORE EFFECTIVE CUSTOMER COMMUNICATIONS. Almost a third of current big data projects involve efforts to optimize the delivery of messages to shoppers. Projects range from targeting offers and price optimization on a local level to improving the timing of display advertising and leveraging two-way dialog with shoppers. A STRONG SECOND: MINING DATA FOR SHOPPER INSIGHTS. More than a quarter of active projects are mining different data sources for shopper insights. This was the top project focus in our March big data survey. BUSINESS FOCUS ON CURRENT BIG DATA PROJECTS 28 % 31 % optimizing delivery of messages to shoppers mining for shopper insights 22 % collecting/analyzing market basket transactions demand and assortment planning 8 % 11 % all other

6 HOW WILL BIG DATA SURPRISE AND DELIGHT SHOPPERS? > Better personalization and more shopper solutions. Improving the shopping experience remains a consistent emphasis, but meaningful differentiation turns on how well retailers can surprise and delight their customers. 91% say big data will help retailers personalize their appeal to shoppers. 79% say it will help retailers offer more solutions to customers (i.e. bundle together products that solve a shopper problem). These assessments line up with the top sources of value big data can generate for shoppers. The top two were receiving more customized offers and enabling discovery of more choices. TOP 5 WAYS BIG DATA WILL HELP RETAILERS SURPRISE AND DELIGHT SHOPPERS: 91 % PERSONALIZING OFFERS 79 % OFFERING MORE SHOPPER SOLUTIONS 70 % IMPROVING PRODUCT AVAILABILITY 65 % INTRODUCING NEW PRODUCTS 65 % AUTOMATING ROUTINE REPLENISHMENT 6

7 WHICH DIGITAL BREADCRUMBS ARE RETAILERS FOLLOWING TODAY? > New sources are becoming important. For the first time since we ve been tracking big data attitudes among retailing professionals, social media and website data have gained parity with item-level sales and shopper transaction data as a source of customer insights. 38 % 35 % 35 % 35 % 28 % 25 % 24 % 16 % SOCIAL MEDIA WESITE VISITS ITEM-LEVEL SALES SHOPPER- IDENTIFIED TRANSACTION DATA SHOPPER FEEDBACK MOBILE DEVICES MARKET BASKET DATA IN-STORE TRACKING WILL ACCESS TO SHOPPER DATA BE RESTRICTED? > Access may be limited. There s concern that access to at least some of this data may be restricted in the future by either government regulation or individual actions. Almost half of those surveyed thought this was likely, but a large percentage was skeptical that individual action would have much impact. RESTRICTED BY INDIVIDUAL CUSTOMER ACTIONS RESTRICTED BY GOVERNMENT REGULATION 48 % LIKELY 40 % UNLIKELY 46 % LIKELY 16 % UNLIKELY 7

8 WHERE S THE SUPPLY SIDE FOCUS? > Inventory optimization and supplier collaboration get top attention. The supply side of retailing is tailor-made to benefit from big data analytics, because the work processes generate a lot of information. Data sharing both within and across/between organizations will be one of the keys to capturing this value. On inventory optimization, the ability to bring together sources of data that could not previously be combined will improve forecasting and make it possible to localize inventory to store-specific requirements. On supplier collaboration, big data is expected to help integrate ordering and replenishment data across organizations. RATING BIG DATA S POTENTIAL FOR IMPROVING THE SUPPLY SIDE OF RETAILING 1 = LOW, 5 = HIGH 4.4 INVENTORY OPTIMIZATION 4.2 SUPPLIER COLLABORATION 3.9 CUSTOMER SERVICE MANAGEMENT 3.5 WORKFORCE/ LABOR MANAGEMENT 8

9 WHAT DATA HAS VALUE FOR IMPROVING SUPPLY-SIDE PERFORMANCE? > Shopper data joins item data. Item-level movement data POS data and market basket data is still recognized most broadly as the type of big data that will improve supply-side performance, but tracking in-store shopper behavior and shopper feedback are not far behind item movement tracking in-store 86 % shopper behavior 75 % 73 % shopper feedback

10 WHAT S THE STATUS OF BIG DATA PROJECTS? > Adoption is progressing and ROI is taking shape. 62 % OF COMPANIES RESPONDING WERE INVOLVED IN BIG DATA PROJECTS. 50 % OF THEM HAVE ESTABLISHED THE BUSINESS CASE & 48% ARE MEASURING BENEFITS. MARKETING SPONSORS THE MAJORITY OF BIG DATA PROJECTS. 55 % MARKETING 14 % MERCHANDISING 9 % OPERATIONS 7 % IT ALMOST HALF OF PROJECTS ARE AT OR NEAR COMPLETION. 25 % 18 % 11 % 18 % 27 % START UP ASSEMBLING DATA PROTOTYPING IN PILOT PRODUCTION START FINISH 10

11 THE BIGGEST BARRIER TO ADOPTION? > Lack of organizational readiness. Among the top four barriers cited, none stood out dramatically, but they all represented different dimensions of the same thing: a lack of organizational readiness to take advantage of big data. WHAT ARE THE MOST IMPORTANT BARRIERS TO PROGRESS IN USING BIG DATA AMONG THE COMPANIES YOU WORK WITH? 5.5 INADEQUATE INFRASTRUCTURE/ STAFF 5.4 BUDGET LIMITATIONS 5.1 SHORTAGE OF DATA SCIENTISTS 4.8 ORGANIZATIONS AREN T NOW USING AVAILABLE DATA 8 = MOST IMPORTANT 1 = LEAST IMPORTANT 11

12 WHAT S YOUR TAKE? > Send us your comments on big data in retail. Use the Contact Us form at brickmeetsclick.com to us. Visit brickmeetsclick.com/we-want-your-business-to-grow for more information on our services for retailers, suppliers, and technology providers. 12

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