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Saturday, April 30, 2011

Business Intelligence in Retail – The Appeal of Data

Business intelligence in retail is becoming extremely important. Successful retail companies and enterprises are using data integration, BI, data mining and other data management reports to lower marketing costs and increase revenue and profitability. Retailers that can collect and capitalize on the data they gather will gain a healthy return on their BI investments. However, the Business Intelligence landscape has changed and it’s become more important to take advantage Amazon is a very successful online retailer but is also a data company that has the ability to track consumer shopping patterns. Amazon has been very innovative in offering a multitude of services to its customers enhancing the shopping experience.

FaceBook is now becoming the new online retail experience taking advantage of the friend’s concept and people buy what their friends have or suggest. FaceBook is also the gatherer of demographic information that it has from it’s over 500 million subscribers.

Twitter is not a retailer as of yet however they are a gatherer of valuable consumer sentiment and trend data that can be very useful in retail sales generation.

Google and Yahoo Analytics also provide an immense wealth of data gathered for the internet and can be presented in an array of forms. Retailers that can start talking of advantage of the various inputs available and processing that information into meaningful Lead and Demand Generation campaigns will find success in a laser like approach.

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