Feb 04 2014
According to a 2013 research report from EKN, although retailers are investing in Big Data tools, they are slow to increase investments and need to develop greater analytics ability. The report, State of the Industry Research Series: Big Data in Retail, aims to provide a “benchmark on how retailers approach Big Data as a business strategy”. The report surveyed 70+ retail industry executives.
Other key findings from the report include:
- Retailers plan to allocate less than 0.5% of their total IT budget on Big Data in 2013 and that number is estimated to grow to 1.2% by 2016.
- Although large retailers continue to make large investments in Big Data, smaller retailers have the opportunity to leverage SaaS and cloud-based offerings to compete with smaller investments.
- Retailers need to focus on developing stronger analytics capabilities to fully capitalize on Big Data.
- Data visualization was found essential to help make insights easier to understand and comprehend for all users in the organization.
For more details on report findings please click here.