Big Data isn't just for marketing teams that are launching email campaigns or ecommerce businesses looking to reduce shopping cart abandonment rates anymore. Retailers are now incorporating tools that can harness and analyze valuable customer data in their brick-and-mortar locations, as well.
Some businesses are using the surveillance cameras already installed in their stores to find hot spots - areas where customers tend to hover while looking at merchandise - so they can enhance product placement strategies, reports Forbes.
"In-store analytics now rivals online analytics in its depth, reliability and usefulness," RetailNext CEO Alexei Agratchev wrote in an article for VentureBeat.
Agratchev explained that retailers can collect data from their surveillance equipment, point-of-sale terminals, RFID tags and analytics systems in stores. There are now programs that can even generate information about customers' facial expressions, or determine if they are shopping alone or using mobile devices in stores, Forbes adds.
Just like marketers and executives who plan to use Big Data to create innovative approaches that will return greater profits, retailers will need to ensure there are systems in place to govern the information. Without proper data quality
measures, the efforts may not produce the expected results.