- What you need to know...
- Detailed customer profiles can be built on Big Data, cost savings achieved through supply chain efficiencies, and superior customer experience offered, which can lift the brand image
- FMCG companies can use Big Data to aid the development of innovative products, target consumers with more personalized and relevant brand communications, and increase consumer loyalty
- Retailers and FMCG companies must devise an effective Big Data strategy to enable increased responsiveness to consumers, as well as increase spend per customer
The business challenges can be overcome by introducing a Big Data solution tailored to consumer goods manufacturers’ and retailers’ needs in general, but it also needs to be appropriate to specific use cases. These may vary depending on aims and objectives, allocated budget, existing data sources, and store layout. Certain technologies may already be in use for capturing data such as RFID, beacons, sensors, and surveillance systems.