Big data can be defined as large or complex data sets. In the grocery industry, there are 2 distinct types of big data that are currently widely utilized- scan data and panel data.
Scan data or EPOS is the data that is collected in-store when items are sold or 'scanned' at the checkout. This data provides a great deal of numeric data such as units sold, prices-sold at, time of day sold etc.
Panel data will then include other data such as the age of the consumer, number of people in the household, income levels etc. In Australia, this data is normally provided by agencies such as IRI and Nielsen.
The third type of big data many supermarkets use is card data. This data is collected via consumer activity: opting to use loyalty cards and/or credit cards when they purchase data products. This data is not offered by all retailers but is normally offered by the larger supermarket chains that offer a full-service supermarket in a developed market.
In Australia, Coles uses the Fly Buy program and Woolworths has its Rewards program. The grocery industry is also starting to collect big data from social media platforms.
For example, if Australian consumers are researching topics such as 'paleo diet' or 'fidget spinners' are trending then retailers can review their ranges to ensure they are meeting the ever-changing demands of consumers.
Big data in its different forms offer Australian their needs/wants.
In future Big data will plays a most important role in all grocery store. It will makes close relationship with customer.