What ways can big data play in the future grocery store?

Question

Collecting and analyzing customer data can help grocery stores predict shopping trends and buyers habits. What role do you think this data will play in creating customized supermarket experience for shoppers?

Answer 1

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

           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

            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.

             

Answer 2

Big data can help grocery stores personalize offers, optimize inventory management, reduce waste, and improve supply chain efficiency.

Answer 3

Big data can play a major role in shaping future promotions and marketing.

Things that contribute to this important database are-

*Store and category characteristics.

*Demographic.

*Logistics.

*Inventory management.

*Geographical locations.

Answer 4

Roles of Big data in Grocery Store:

1) Management of Inventory: Inventory management is very important. Handling orders and managing products is a crucial step in inventory management.

2) Analyzing customer trends : It is used to analyze buying patterns of customers.

3) Predicting buyer habits

4) Creating databases of customers having similar interests. 

many companies send advertises to customers based on their previous purchases.

Answer 5

I think that big data will play a big role in the grocery store in the future. By understanding the data and making it available to the right organizations, we can provide a tailored supermarket experience for the shoppers.