How Is Big Data Is Transforming Brick & Mortar Success?

Brick-and-mortar businesses are facing challenges in 2024. As we set foot into a new era of competitive high-street commerce, brick-and-mortar brands must put in twice the effort just to remain in the game. Commerce marketing is on the road to a digitally enhanced future. As businesses pour focus into online strategies, it’s no wonder that […]

The post How Is Big Data Is Transforming Brick & Mortar Success? appeared first on Real Business.

Brick-and-mortar businesses are facing challenges in 2024. As we set foot into a new era of competitive high-street commerce, brick-and-mortar brands must put in twice the effort just to remain in the game.

Commerce marketing is on the road to a digitally enhanced future. As businesses pour focus into online strategies, it’s no wonder that high street footfall is dropping.

However, the instruction of big data to the commerce scene could tell a different story. As we embrace innovation, brick-and-mortar strategies are beginning to evolve to keep up with clever interactive online campaigns and omnichannel trends.

In fact, the retail analysis market powered by big data is tipped to surpass a staggering £19 billion by 2027. So it’s no surprise that high street store owners are investing in data-powered tools to rejuvenate their selling strategy.

From smart inventory management to in-store personalisation, we’re jumping head first into the power of big data. Let’s see how it could transform brick-and-mortar marketing in 2024.

Inventory Management Optimisation

Big data could transform stock control and optimise inventory management for brick-and-mortar businesses. Those who invest in big data tools can expect on-demand forecasting and real-time insights on product maintenance in and out of the store.

Big data takes retail analysis to the next level.

This means that you can leverage data on historical sales, market trends and your ecommerce engagement to help predict what products are likely to be popular moving forward.

This ensures that you order the right products to line your in-store shop floor and reduce product wastage.

Brick-and-mortar businesses can also expect a great deal of supply chain optimisation when investing in a big data-powered inventory strategy. Using big data, you can leverage real-time insights based on your product movement from source to store. This keeps your store posted on imminent deliveries.

Enhancing Customer Experience

Big-data analytics also improve brick-and-mortar marketing. As high street brands battle it out to match the ecommerce sector’s grip on consumer marketing, big data could be the ticket retail business owners have been searching for.

Big data can be leveraged to create an understanding of a high-street store’s consumer base by analysing customer behaviour, feedback, purchase history, and feedback.

This can be implemented in the form of sensors that can physically track footfall and analyse customer behaviour on the shop floor.

Another way to do this is to integrate big data analytics within your POS system. Using an up-to-date POS system, every time a customer checks out, your point-of-sale software tracks individual purchases and creates a profile for that consumer. This allows business owners to spot and analyse their purchasing history and personalise their future trips with customisable discounts and offers.

This theory follows the same guidelines as e-commerce giant Amazon’s customer engagement strategy.

Amazon leverages a mixture of big data analytics and machine learning to analyse a customer’s browsing and conversion history, before presenting individuals with their own personalised product recommendations.

Brick-and-mortar stores can adapt this strategy to ensure that they offer individual customers customised offers at the point of sale and create shopping experiences that prioritise consumer satisfaction.

Efficient Store Operations

With the ability to analyse large data sets, brick-and-mortar stores can streamline their overall store efficiency.

Whether this is supply chain management or resource allocation, big data can save store owners time on planning store layouts, organising staffing rotas, and maintaining manual checkout processes.

In fact, in an age of sustainable retail, big data can even improve in-store energy management by leveraging data on their most energy-beneficial practices and altering them accordingly. This reduces in-store running costs and promotes ethical business practices.

What Does The Future Of Retail Look Like With Big Data?

Big data will continue to transform the retail world as we know it. Whether you’re shopping online or in-store, big data will enhance the customer experience from ear to ear.

Big data tools are able to improve customer satisfaction and streamline business operations to ensure that converting consumers keep coming back.

With the ability to map market trends, big data also offers brick-and-mortar marketers the opportunity to create a personalised shopping experience like no other.

The next few years will be crucial for high-street store owners. As we move into a digitalised tomorrow, high-street retailers must offer their customers something new.

The post How Is Big Data Is Transforming Brick & Mortar Success? appeared first on Real Business.