Growing Importance of Data in Retail by John Putters –

There has to be a balance between privacy and collecting meaningful data, which will always be the challenge.

Why is this important?

  • Broadcast advertising is increasingly shrinking as companies harness the ability to better define customers.
  • Technology can accomplish this, and is doing so increasingly.
  • Example, Facebook. Why is Facebook so valuable? Because of the information it collects from its users, then leverages that for advertising.
  • Mobile apps have raised the bar further, enabling retail to track people through GPS, and even customize ads based on shopping history.

Why is that data important?

  • It’s not just about customer service and giving the people what they want.
  • It is also about creating better efficiencies.
  • Washroom example: Not only risk mitigation but also, resources and supplies used versus traffic.
  • Customers can now produce reports that provide an overall efficiency rating on the bathroom.
  • So savings are found both in liability, but also in being more efficient in cleaning and maintaining.

Conclusions

  • Data collection will become increasingly important in defining customers.
  • Data, a least for our customers, is a powerful tool for becoming more responsive to customers and more efficient.
  • The challenge is collecting pertinent data without compromising privacy.
  • Visionstate has benefited greatly from this trend toward bigger data, and continues to develop products with an emphasis on this.

See the entire presentation below: