Forbes – We already know that big data is changing finance and that the business of retail is intricately connected with the business of real estate.
As we head into Black Friday and the Christmas shopping season, let’s drill down into one of the ways big data and data analytics can improve retail performance — and by extension, can improve the prospects of commercial real estate in the retail sector.
You may have heard of one of the biggest retail buzzwords in recent years: omni-channel strategy, which refers to a sales approach that cohesively integrates multiple shopping “channels” — physical stores as well as customers’ smartphones or computers — rather than keeping each element separate.
“Getting inventory to the right place at the right time is crucial to optimizing sales,” found a recently released survey by retail management consulting firm Boston Retail Partners, or BRP. “With enterprise-wide inventory visibility and accessibility, retailers will have the flexibility to re-allocate inventory from one store or channel to another where it is most likely to sell.”
In its online survey of more than 500 top North American retailers, BRP found that 71% of retailers do not have formal processes for planning omni-channel demand and 44% indicated that improving analytics is a top priority. (About three-quarters of the respondents in the survey, which was conducted in September and October, are specialty retailers, and the same proportion generated at least $500 million in annual revenue.)
READ FULL ARTICLE: All I Want For Christmas Is Big Data