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Drawing on Big Data for Customer Insights | Marlin Business Services Corp.

The overall trend for retail sales volume is up, despite considerable disruption to the channels consumers use to make purchases. Total retail sales are expected to grow 3.7% to 4.2% in 2017, driven in large part by online sales, which are forecast to grow 8% to 12% this year.

  • Path to purchase – Both omnichannel selling and multi-channel marketing have increased the ways customers can reach a retailer and make a purchasing decision. Big data technology enables a more precise way to understand customer buying patterns by analyzing data derived from many sources.
  • Trend forecasting from social media posts – Technology platforms like Hadoop enable the handling and analysis of large amounts of data derived from social media sites, such as Facebook posts or Pinterest pins. This helps retailers spot emerging trends earlier.
  • Price optimization – Retailers can check pricing electronically through computer program “daemons” that crawl through competitor websites to gather detailed product pricing information. Combined with machine learning techniques, these tools can automatically set optimal pricing for products.

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Drawing on Big Data for Customer Insights – Marlin Business Services Corp..