The retail marketplace has become extremely competitive as brands work to keep their customers from turning to competitors or going online in search of the lowest prices. To combat these threats, many retailers are investing in big data tools that can help them make better decisions about product placement, marketing campaigns and promotional offers.
In fact, a recent article published by Harvard Business Review refers to data as ammunition in the war for customers in today's retail marketplace. This is partly because there is so much of it, but also because it can be used to derive more meaning than ever before. Merchants are no longer simply collecting information from customer transactions, they are also gathering data about demographics, mobile-based locations and social media feeds.
As businesses head into the busiest shopping season of the year - the winter holidays - it makes sense to engage in the best and biggest data strategies. Last year, shoppers collectively spent $35.3 billion between November 1 and December 26, according to Marketing Land. If retailers have the right kinds of information and verify data quality
, they can send out targeted messages at optimal times to achieve success.