SOURCE: Edgell Communications
RANDOLPH, NJ--(Marketwire - Sep 7, 2012) - Beneath all the hype surrounding Big Data, retailers are beginning to move cautiously to harness the power of Big Data, according to a new research study from Edgell Knowledge Network (EKN). "State of the Industry Research Series: Big Data in Retail," available for download here, provides the retail industry with a comprehensive benchmark on the understanding and adoption of Big Data among retailers.
The report was based on extensive research using EKN's Pulse360™ methodology, including a survey of 75+ retailers, in-person interviews with senior retail leaders, and validation of the findings and recommendations by EKN's Advisory Council. Highlights of the report included the following:
- Though 80% of respondents were aware of Big Data, the depth of understanding is low. More than half of the respondents said they do not understand Big Data's impact on their business -- and most retailers do not know how much structured and unstructured data they currently store.
- Nearly 60% of retailers surveyed already have a Big Data strategy or are building one. However, only 30% of retailers have done a Big Data proof of concept (POC), indicating that retailers are just beginning to understand the implications of Big Data.
- Surveyed retailers identified marketing, merchandising and multi-channel as the three highest impact areas to consider for a Big Data pilot or POC. Not surprisingly, they also ranked these areas as experiencing the highest data growth.
- Only a third of the respondents rated their analytics maturity as high. This is especially significant, as EKN's research indicated a strong positive correlation between analytics maturity and Big Data adoption.
"While the report identifies the barriers to Big Data adoption, it also indicates that retailers are beginning measured experiments in Big Data, which could spur growth in this area over the next 12-24 months," said Gaurav Pant, Research Director, EKN. "Big Data is a real opportunity, and smart retailers are cautiously setting themselves up for success. If retailers can avoid getting caught up in the semantics of Big Data definitions, and focus instead on what decisions are valuable to their business, Big Data can be the game-changer it is touted to be."
The report includes detailed recommendations on how retailers can approach Big Data, including a maturity assessment framework and a Big Data roadmap. The report was underwritten by MicroStrategy and Tata Consultancy Services.
About Edgell Knowledge Network
Edgell Knowledge Network (www.eknresearch.com) is a research and content service that was built based on feedback and advice from retail executives. Part of the Edgell Communications family, Edgell Knowledge Network (EKN) is a subscription-based portal that provides retailers with access to the site's powerful decision-support and data analysis tools, allowing them to leverage EKN's industry-leading database of original research, user-generated vendor indexes and market trends. EKN also lets members share insights and real-world experiences through ongoing peer forums, both virtual and in person.
Retail technology vendors can participate in EKN through a limited number of sponsorships that are available. For information, please contact Ana Weinand at firstname.lastname@example.org or (904) 619-2681.