What does Smart Data mean?
Nowadays, the retail sector is in full evolution. The change in consumer habits has revolutionized the way shops should attract their audience, and retail stores started to become more digitalized, customer centric and omnichannel oriented.
Every retailer needs to invert in technology to enhance the relationship brands have with the public: obtaining crucial information from the point of sale, and knowing how potential customers interact with us can optimize sales decisions.
How to get relevant data for your retail business?
To analyze the behavior of a sector, it is important to think about what kind of data we want to start analyzing. In this way, we will be able to focus our efforts on improving what does have a direct impact on our profitability.
What are the relevant data for a store? The most important thing isn’t to collect all the available data, but those specific data that are significant to make decisions that improve the operation of the point of sale. And which are these useful data?
For example, if our business is a fashion store, in addition to obtaining data about the money entrance, it will be interested to obtain other variables, such as the average time spent in the store or the conversion and attraction rates.
On the other side, to already know the gender, age or kind of mobile device used by users does not allow us to draw many conclusions about how efficient and effective the in-store’ staff or marketing campaigns are.
Big Data vs. Smart Data
Big Data trend is evolving towards Smart Data. Managing an ocean of data can be very complicated and could leave with no real conclusions. On the other side, Smart Data are obtained by treat the available data, focus on the critique’s ones, and make them “manageable”.
This is what differentiates Smart Data from Big Data: it does not consist of obtaining and treating all the data, but only the most valuable and important ones. Therefore, modern stores should be guided by a “Smart Data” analysis capable of giving an accurate view of the main KPI of every business.
Smart Data will help you to understand how to boost sales and improve sales, calculating and analyzing your business’ performance inside and outside the store.
At TC Group Solutions we are specialists in technology for improve efficiency and performance of every kind of business: we offer solutions to collect, store, process and analyze point of sale data with our TC Analytics software.
Our mission is to work continuously with our clients, developing for them accurate and reliable solutions to maximize the potential and increase profits at their points of sale.