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The pace of change in the retail industry is unrelenting and now is not the time for businesses to become complacent. Faced with a growing proliferation of online marketplaces and the fast-evolving demands of today’s omnichannel consumers, standing out among a crowd of competitors is no easy task.
In recent years, retailers have focused their investment efforts on wooing online shoppers in a bid to compete head-to-head with big name pure-play disruptors like Amazon. Yet, last year, online accounted for just 19 percent of all UK retail sales. So clearly, UK consumers still value the unique experiences and level of service encountered when shopping in a bricks-and-mortar store.
The popularity of IoT will only see increased data volumes, requiring businesses to invest the time to accurately monitor and analyse trends to get the most out of their IoT infrastructure. Failure to do so will leave organisations with a large vacuum of untapped data and a blind view of IoT operations.