Omnichannel Retail: Big Data Is Nice, Fast Data Is Necessary
Fast Data – Any retailer that wants to be competitive knows it must offer a seamless omnichannel experience to its customers.
However, many retailers aren’t aware that the key to powering that customer experience is IT system performance. Why? Omnichannel retailers must process, analyze and use huge amounts of data for a multitude of equally important functions.
An omnichannel strategy creates and executes a seamless shopping experience across mobile, online, and brick-and-mortar stores. Retailers with omnichannel strategies have a 91 percent greater annual customer retention rate, according to V12.
By 2025, businesses of all kinds will be facing a 50-fold increase in data. Omnichannel retailers are no exception. In fact, they may face even bigger challenges as they try to meet customer expectations:
- While average retail inventory accuracy is about 65 percent, omnichannel fulfillment requires at least 95 percent accuracy to provide customers a seamless experience.
- Along with accurate inventory, omnichannel retailers also must integrate data from the supply chain, customer relations management, credit and collections, marketing and sensor networks.
- As retailers incorporate the Internet of Things, data volume and the need for sophisticated analytics will increase even more.
This means retailers must have big data and fast data, which of course increases IT performance requirements. In many cases, strained IT system components already struggle to execute essential database integration.
How do retailers cope with the computing infrastructure required? Where does that leave smaller businesses and those without the computing power to handle such operations?
This article originally appeared on ecommercetimes.com To read the full article, click here.
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