More than half of retailers in Australia and New Zealand are struggling to utilise big data trends, according to the latest research from data capture firm Intermec by Honeywell.
According to a survey that involved more than 350 C-level executives and directors across the globe, approximately 63 per cent of respondents believe their business is becoming more complex, which has begun to impact on their ability to meet consumer and retail demands.
Within the Australia and New Zealand region, 58 per cent of suppliers within the fast moving consumer goods (FMCG) industry admit that their big data processes are not capable of analysing and adequately utilising the huge amount of consumer information they collect.
The inability to process this data was just one of six areas which local suppliers agree are the industry’s biggest challenges this year. The other factors identified included:
- Demand for lower prices
- Introduction of more products
- Competition from private label manufacturing
- Analysing and leveraging customer data
- Increased activity
- Growing levels of trade spending
“These survey results are proof that Australian and New Zealand store supplier businesses are experiencing more pressures than ever before from consumers, competitors, as well as industry and government,” said Honeywell Scanning and Mobility Country Manager (Australia and New Zealand) Tony Repaci, as reported by Global Logistics Media.
The ability to embrace and integrate capable big data solutions is a vital factor in remaining competitive in the retail industry. This trend enables retailers to capture, analyse and understand huge amounts of consumer information, collected from sources such as social media, in-store conversations and business-to-consumer interactions.
As technology developments cause consumers to be more connected than ever before, big data solutions have become increasingly important to maintain a competitive advantage in the retail industry.
Big data is a simple measure to adopt, as many retailers may already be utilising this trend in some form. Simply by capturing and analysing data in order to uncover consumer trends and potential market demands, retailers are effectively using their customers’ information.
However, to ensure you are making the most of this vital data trend, you may want to contact a retail consultant for more information on big data integration and utilisation.