Retail: Benefits of Data Monetization
More and more retail organizations are monetizing their data to increase revenue, boost productivity and optimize costs, enabling effective leveraging of assets, technology tools and external information to generate better results.
In the retail sector, data monetization is about making better informed decisions, increasing revenue and reducing costs from access to different types of stored, categorized and accessible data.
The use of technological tools such as big data, geomarketing, predictive modeling and mobility data allow data to be used to evaluate current business practices, identify new opportunities and maximize process efficiency.
Geographic information, purchase histories, and internal and external data offer retailers and suppliers a great opportunity to extract information about business activity and customer behavior, among other trends.
How can you monetize the data generated in the retail sector?
- Selling already processed data to other sectors
Data generated by retailers can provide a wide range of insights into consumer behavior and logistics. Selling relevant information can generate additional revenue from work already done.
- Performing predictive analytics
Data enables retail companies to make intelligent forecasts, track market trends and develop recommendation engines for future customer purchases, improving the efficiency of the operation, offering better product selection and anticipating demand throughout the year.
- Implementing models
Analyzing customer and supply chain data uncovers new revenue models that satisfy customers in new and innovative ways, helping to convert shoppers into loyal customers for brands and products.
- Realizing Geomarketing Strategies
Geolocation data enables retailers to add connected moments to in-store shopping experiences by sending product information directly to the customer’s mobile device, bringing up new opportunities to sell products and create better experiences.
- Site selection planning
Shopping and retailer data can be used to plan traffic, density and location, ensuring that companies build ideal, well-placed locations for customer needs.
- Analyzing mobility data
Improved visibility into the flow and storage of goods allowing companies to better track and optimize inventory.
With its long experience in data monetization, PREDIK Data-Driven helps retailers collect and analyze their internal data and extract value from it.
Contact us for more information about our data monetization strategies