Value Generation: An Overview
Value generation is an important part of the modern business processes. While advertising and promotional campaigns aware customers about the products and the benefits they are ready to offer customers, on the other hand, it is equally important that brands deliver services as per the promise. Value generation is aimed at undertaking the necessary measures that will improve performance of the actions from brands or businesses in increasing the overall worth of products or services offered.
Why Value Generation is becoming Increasingly Important?
The modern retail stores are increasingly getting involved with the effort to introduce web analytics to the physical environment to provide customers with seamless, multi-channel purchasing experience. Proximity marketing is taking care of delivering personalized promotional messages directly to customers as per their purchasing behavior, simultaneously creating the first founding stages of value generation. However, the onus remains with retail business owners in completing the value generation circle by delivering customers with the kind of benefits that has been promised through the promotional messages. Big data, in this context, is of undisputed help!
Big Data: The Key to carter Information in a Retail Environment
The leading retail businesses are increasingly stepping into the age of store digitization and in-store analytics. However, several of them don’t yet have a clear vision about the right way to use big data for value generation. Experts suggest that big data can be transformed into the most remarkable partner for retail organizations in generating value. The data pool is created through data streaming, not only from customer touchpoints but also several other sources. Proper utilization of data, gathered from such multivarious sources, boosts informed decision making; consequently, the results or impact of such initiatives become transparent. Based on the findings, retailers can then implement the necessary changes to their products, in-store services offers and while launching promotional campaigns. Big data is the key to carter information in a retail environment more efficiently and intelligibly, matching with customers’ personal requirement.
Prime Features of Big Data Management in Retail:
- Better solution to handling large volumes of data in varying formats and complexity in terms of structure, semi-structure, weblogs, device centric and unstructured
- Come up with personal data analytics models, such as, Market Basket analysis, pricing, fraud detection etc.
- Better and superior insight about products, customers, and employees and the opportunity to combine it with social media channels and transactional system
- Receive desired insight through voluminous transaction history of customers from online stores and ecommerce websites and consequently develop the system for data micro-segmentation, data personalization, personalized recommendation and necessary customer behavioral analysis
- Scope to analyze mobile device data to understand customers’ in-store behavior and personalize the campaigns or promotional offers accordingly
The Benefits that Big Data has to offer:
- Having big data management facility handy helps retail businesses with extensibility and scalability over the complexity of data warehousing. Also, it improves the scope for developing superior data analytics models without extensive investment.
- More power to retail businesses in structuring key value generation policies, thanks to accuracy of data analytics.
- Having a solid big data management platform is extremely effective in overcoming technological limitations, such as, addressing ETL processing, data sorting, preparing data set for analytics, content storage creation and creating online archive.
- Ease with deploying commercial hardware and open source tools.