The concept of data is not new to the retail industry - having pioneered customer analytics both online and in store. As a result, modern retailers leverage a growing sea of retail data to understand everything from customer buying behavior, product trends, supply chain developments, marketing attribution and logistics.
While extracting competitive advantage from retail industry data is part of a successful retailer’s DNA, it has been greatly complicated by the stunning amounts of data that now define but a single customer’s preferences - not to mention millions.
Retailers have either adapted to the new retail technology trends in retail data analytics or they have unceremoniously exited the business - beset by an inability to adapt to changing customer preferences. Those that have adapted have done so by staying as nimble as possible, by gathering as much retail data as possible and by carefully sifting through it with new analytical techniques designed to not only spot trends but to predict them.
The challenge is that with ever larger datasets, the tools - both databases and visualization that once served them well are no longer up to the task.
Answers that are needed in milliseconds take minutes, even hours. At that rate, the questions stop coming in, replaced by “what’s available” versus what’s needed. This is a prescription for failure.
The modern retailer needs access to large amounts of retail data in real time, to understand how to adapt, adjust and capitalize on insights discovered in their retail analytics.
MapD’s GPU-tuned database and visualization layer takes advantage of the most powerful compute engines in the world to deliver lightning fast analytics to some of the most powerful brands and retailers on the planet.
Take the example of one of the world’s largest sporting goods brands. They used MapD to determine, in real time, how to adjust inventory levels to better manage micro-segments within their population that had previously gone undetected until days or weeks after the opportunity had passed.
Now, armed with with light-speed analytics, this brand can out-quick their competition, extract more from their channel partners, analyze demographic visualizations, and add incremental growth to a brutally competitive industry.
To find out how MapD can help you see marketing trends in the retail industry and opportunities that your competition cannot - schedule a demonstration with an expert from our team and learn what retail speed really looks like.