Report: Retailers not taking full advantage of Big Data yet

A recently released Brick Meets Click report found that while members of the retail sector understand the potential of Big Data, just 20 percent have launched strategies to take advantage of it, according to SuperMarket News. The study, which included marketers, consultants, manufacturers, IT representatives and retailers, revealed challenges when it came to developing a clear vision and understanding the security and technical logistics.

As consumers embrace ecommerce, they have grown accustomed to the idea that businesses should tailor offerings to them. Online marketplaces such as Amazon have set the precedence for this idea, keeping records of shoppers' previous purchases and using the information to offer personalized suggestions upon the next visit.

This consumer behavior is also affecting small- and medium-sized businesses, according to The Huffington Post. Whereas national chains were early adopters of social channels, independent enterprises are now taking up digital trends and collecting data to gain a better understanding of customers' product and service preferences.

However, the Brick Meets Click study indicates that good data quality won't only affect marketing and product placement strategies, explains Super Market News. Supply chain management, inventory and ordering can also benefit from the use of additional information.