If you aren’t running a business named Amazon, you’re likely to feel the pressure of big data pushing small retailers out of business at an astounding rate.
It’s a bigger issue than the simple existence of Amazon. 2017 was a year to remember for all the wrong reasons as multiple retailers struggled to stay afloat despite already holding healthy market shares or a strong physical presence. If owning a storefront is no longer a guarantee of longevity, how can retailers adapt to the digital age and leverage big data to keep their livelihoods alive?
The digitized storefront era
While a large chunk of retail sales have shifted to digital markets, and everything seems to be moving to a Cloud, there still exists a need for physical storefronts offering goods without the burden of shipping time or the possibility of blindly receiving damaged products with no method of quick recourse. Even storefronts with a foothold in physical retail spaces tend to benefit from maintaining a digital presence, but it’s no longer as simple as selling excess stock on eBay. Putting digital advantages to use means investing in analytics and big data, much like what bigger online-only retailers have been pushing towards for years.
An immediate …