Problems using Big Data for Retail and Our Solutions
Retail is an intricate business in the first place, with inventory, stock, shrinkage, promotions and other myriad things to think about. But when e-commerce and software innovation are combining to give retailers stiff competition through technology, one way to fight back is through data. This data isn’t something that e-commerce guys have. And buying behaviour online is very different from that in real life. Which means that this is a competitive advantage that retailers can, and should use to push up sales and customer loyalty.
And yet. The truth is that not everyone has been able to apply big data to work for their retail organisation. But with data literally everywhere in retail, it is a pity that this should be. There are several reasons for this. A case in point is the problem of too much data. There is no shortage of data points in retail, but some of them, the really important ones, can be hard to find. There are many ‘blank fields’ and missing links because there are more data points to correlate. This can make it extremely difficult to identify trends and plan inventory. Which is why you need all your data in one place so you can watch in real time and take decisions.
We have been trying to solve a few of these problems, and maybe you should take a look at what we have built.
SigView is a dashboard-based product that will let retailers have a one-glance view of the data they need to take fast, informed decisions. This will incorporate all your data, use all the data you have saved up as well, and give you a customized, made-to-order dashboard view that will help you make decisions in real time. On the other hand, our AI product, SigAI, is something else entirely. We have built something completely revolutionary – an artificial intelligence engine that takes all the data points you have given it, and processes it to actually tell you what to do. Meaning, it will predict what will sell, what won’t and what might be some of the possible steps you need to take so you can capitalise.
To put it simply, where SigView shows you all the information you need at your fingertips so you can take decisions immediately, SigAI actually tells you what decision to take. This is revolutionary, and if you want to know more about this, or let us show how our products will work for you, just say so, and we’ll be back to you in a jiffy.