Infographic Alert: Are Retailers Ready for Big Data?

It’s the “term” on the street – big data. Everybody’s throwing it around like rice (bubbles?) at a wedding. And everyone is throwing their arms up simultaneously, “Oh my goodness big data! We have big data or we want it or we need it or…something about big data!”

Truthfully it’s one of those comes-with-the-tech boom things that we’re all kind of behind the curve on, and no one is having an easy time getting ahead of it. Retailers in particular, are victim to the big data crunch in that their online sales of products has given them so much data that they are overwhelmed. It’s a blessing and a curse to have so much of it.

The below infographic, from Baynote, gives a few stats about where retailers really stand with big data, what they can and should be doing if they’re not already and the general sentiment about the phenomenon of BD. Here are the highlights:

Fewer than 20% of retailers say they are actively working on big data, but 21% report putting plans in place for starting to work on it
59% of retailers surveyed said that big data will give shoppers greater market power because they will benefit from greater price transparency, learning from reviews and more
39% of those surveyed said the first time they heard about big data was in the last year

Check out the graphic for the rest: