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A $22 Trillion Economy Depends on It: How Big Data Powers the Retail Enterprise

  • June 2015
  • 23 pages
  • Frost & Sullivan
Report ID: 3090023

Summary

Table of Contents

A $ Trillion Economy Depends on It: How Big Data Powers the Retail Enterprise

Executive Summary

This Stratecast report analyzes the many applications for Big Data in retail environments. The report’s main conclusions and key takeaways are as follows:
1. The global retail economy, including both brick-and-mortar and online revenue, now accounts for approximately US$ trillion.

2. “Retail analytics” used to be partly focused on privacy concerns about retailer Wi-Fi networks tracking in-store shopper behavior; and partly on data basics such as store traffic, comparative store sales, average transaction value (ATV), conversions, and units per transaction (UPT). Today, retail analytics include more data sources, and deeper and broader insights, extending to every area of the in-store and online retail enterprise.

3. While retail privacy concerns may no longer be garnering as much attention today, retailers are now adopting some in-store data collection practices, such as reviewing what shoppers do online while they are in a store, which ought to reignite the privacy debate.

4. Industry-wide problems driven by data gaps and disconnects—overstocks, out-of-stocks, and returns—are creating a so-called Ghost Economy, costing retailers $ trillion
annually.
5. The good news is that by integrating comprehensive in-store analytics and retail enterprise platforms with one another, and with other internal and external systems, retailers can close those gaps, and smoothly manage the online, catalog, and offline (brick-and-mortar) areas of their operations in a unified fashion.

6. The Big Data category with the specialized expertise and functionality to best serve retailers (Mobile, Retail, and Location Analytics) was a $ billion market in 2014. Approximately providers compete in that space; and two of the most capable providers, with the most complete solutions, are OrderDynamics and RetailNext. This report includes brief case study snapshots of these providers’ clients, as part of illustrating what Big Data can do to solve problems and create opportunities in retail.
This report is designed to speak to the needs of the roles and teams across the retail enterprise, including executive management; store operations; store design and layout; merchandising; display; marketing; and loss prevention.

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