With e-commerce penetration growing each and every holiday season, and mobile shopping rates continuing to climb rapidly, the relevant question becomes: “Can retailers survive without leveraging ‘big data’?” As this article posits, one-by-one retailers are tapping into big data to influence sales. In 2013, 81% of retailers planned to upgrade their e-commerce platforms to improve the customer experience and increase engagement. That’s 4 out of 5 retailers who plan to adopt a big data strategy to customize their approach with shoppers. Several retailers have gone as far to offer location-based promotions to entice consumers to choose their store over that of a competitor, all through the use of big data and competitive price intelligence.
Big data is helping to drive multi-channel retail strategy execution, including the need for more dynamic pricing to convert today’s more demanding shoppers. Even a base-level analytics strategy should involve some degree of competitive price intelligence. With the increase in price promotions (both yours and those of your competitors) and dynamic pricing, pricing strategies can no longer be rationally managed with traditional tools.
Be proactive. Contact 360pi today and find out how they can help you drive conversions, revenues, and margins with retail price intelligence.