Best Industries 2012: Big Data | 5 Markets Making Waves
Most retailers already store point-of-sale data from customer transactions. But McKinsey & Company, a management-consulting firm, estimates that a retailer using big data analytics to its fullest potential could increase its operating margin by more than 60 percent. What if merchants used that POS data to predict the next top-selling item or reduce out-of-stock situations? Menlo Park, California-based Nearbuy Systems, for example, offers an in-store guest WiFi platform that allows retailers to view which websites shoppers view before making a purchase, then analyze that data across multiple store locations.