What is big data and how can it increase your profit? Big data is way more than a buzzword. In fact, it’s a useful new way for retailers to understand how to better serve their customers and see an increase in profit. 80% of all the data in the world was created in just the past 2 years, so creating a big data strategy now would be wise. Retailers on and offline can benefit from collecting structured customer data through transaction records and browsing behavior. Unstructured data accounts for much of the jump in data creation and can be collected on social media sites, mobile, and more. Wal-Mart, for example, mined customer data and found that diaper and beer sales were highly correlated. No one could have predicted such a strange connection, but collecting and analyzing data proved to be worthwhile. Stores moved beer next to the diaper aisle and saw a big increase in sales.
