Retail Analytics With The Tiny Beacons & Big Data – Contrasting But Complementing

The retail industry becomes a part of the digital revolution in more than one way. After e-Commerce, Mobile Technologies and Big Data Analytics solutions it is indeed the Beacons that make a slow and steady entry into this domain. Relying heavily on this tiny sensor-based device for proximity-based marketing and generating actionable data, the Retail industry accepts the beacons into its fold seamlessly.

Combining this little gadget’s capabilities to constantly capture data makes it an indispensable partner with Big Data & Analytics to revolutionize the Retail industry. Once again, it does take two different technologies to tango!

ibeacon

The Beacons Arrive

Data analytics at the consumer level proves to be a differentiator for retail business, as it provides valuable insights related to preferences and shopping patterns. In spite of technology advances, about 59% of retailers have stated that limited know-how on consumer insights remains a problem area for them to target.

Today, beacons development provides a significant breakthrough in the retail business with their ability to sense data continuously and passing it on to the data storage like Big Data. Grabbing attention & enticing patrons, they do much more than the obvious.

Beacons – Digitizing Retail Spaces, In-Store & Away

beacons big data

Beacons & Big Data Analytics Together

Leveraging The Data

The data collected by beacons is relatively untapped. Big Data effectively curates and organizes this data captured and Analytics help to leverage this data for marketing efforts and customer retention.

When a customer enters a beacon powered store, the integrated system powered by beacons and Analytics, besides other techniques, gets to work. The data captured related to customer behavior is analyzed to lead to a perfect judgment of the customer’s likes & dislikes.

Collective traffic patterns around the store generate heat maps helping the retailer to ensure correct stocking of appropriate goods in sync with customer preferences and predicted actions.

Enhancing Analysis With Beacons Data Capture

Beacon data capture

Personalization

Other than big data analytics solutions and marketing trend analysis, a key aspect that beacons help leverage is the customer delight factor within the retail business. As soon as a customer enters a store, appropriate push notifications with a welcome message and schemes & products to look out for are communicated through the outcomes of the analysis of previous patterns.

Beacons use the geolocation feature seamlessly for marketing as well as trigger downloaded apps on a smart device. The beacon experience is gradually resulting in what can be termed as strategic personalization.

Beacons & Big Data Workflow

While the implementation of beacon technology and corresponding big data – Analytics integration could vary from one enterprise to another, certain basic steps remain the same.

The Workflow Of The Duo

Workflow

Retail Data Analytics -Objectives

A growing number of retailers integrate beacons development with their enterprise systems for new level of in-store experience, resulting in improved revenues and better customer retention.

Beacon technology coupled with big data analytics helps fulfill multiple objectives for retail businesses by the insights generated into the data captured.

Footfall or Visitor Traffic metrics

Beacons capture of visitor traffic data within retail premises like malls. Retail analytics, on the other hand, generate meaningful information from the data captured.

This gives insight on-peak periods, consumer behavior during vacation season, the impact of weather or other factors on shopping patterns, and so on. The customer analytics helps the retail business leverage appropriate promotional events, product launches and exhibitions which can potentially increase consumer interests driving them to the stores.

Loyalty Through Personalization

Prudently implemented beacon technology helps drive loyalty programs in a controlled way. Beacons identify a customer on store entry itself and lead the loyalty system to credit certain points or discounts based on past customer history and brand loyalty.

Beacons effectively allow the business to recognize most loyal customers and improve on customer relationships, adding on to the CRM strategies for the store.

Identify Heat Maps

One of the key advantages of deploying beacons in conjunction with Analytics is that heat maps, or zones that are most exposed to consumer traffic in a retail space is easily analyzed.

This data is used to identify popular products, zones and also leverage marketing tactics for not-so-popular spaces.

Advertising Metrics

The direct output of beacon technology, like visitor footprint, is analyzed to determine advertising locations or space. Customer profiling, as well as path analytics data, is effectively utilized for ad impact traffic and digital signage content.

Top Retailers Using Beacon Technologies

Keeping in mind the unmissable benefits offered by this powerful combination, most retail businesses are considering either a proof of concept (POC) or a full-fledged real-time implementation of beacon technology coupled with Retail Analytics.

It is estimated that by 2018, there will be 4.5 million beacon devices, the majority of them being used by the retail sector. The end of 2016 should see approximately $44 billion in beacon sales. And the way Analytics has taken off is another promising story altogether.

Beacons With Big Data Analytics All-Around

beacon with big data

In a Nutshell

Though discussed and heard increasingly more this year, beacons and beacons have been in news for a few years now. Beacons completely change the ways of communication indoors and Beacons & iBeacon app development comes of age.

Big names in retailing have acted fasted and the powerful combination of beacons with Retail Analytics is all set to be a different chapter altogether.

Author: SPEC INDIA


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