Big Data is moving toward ever-increasing adoption as it drives new insights, creates increased marketing effectiveness and helps businesses tailor the customer experience.
But is this vital information out of reach for small businesses? Can they afford the cost of tracking real-time consumer data? If a company doesn’t have the same access as mass merchandisers and online giants to key metrics and individual preferences, will they be forced out of business?
Recent studies found that “locally owned stores generate much greater benefits for the local economy than national chains do.” And, according to a study of the economic benefits of independent businesses in British Columbia, despite decreased revenues due to market dominance of chain stores in 2008 and 2009, “In 2010, the last year for which data are available, independents began to regain their footing, enjoying a greater gain in revenues than did chains.”
A new survey shows that 35 percent of consumers planned to shop at local, small businesses this year, compared to 27 percent in 2012. Reasons included were: “important to support local businesses” (57 percent), “unique merchandise” (49 percent), “personalized service” (39 percent) and “good prices” (25 percent).
The bottom line is that consumers want to support local, but it also means that small businesses need to be responsive. Access to data will help local businesses with that.
And that access can be affordable. According to the article How Small Biz Can Afford Big Data, companies like Canopy Labs offer a cloud-based solution. Others who offer such services are SAS, Tableau and Prism, to name a very few.
By leveraging these cloud-based systems, small business can reap the same benefits as their big business competitors without having to break the bank.
Find out more about the future of Big Data with the Mind Commerce in-depth assessment Big Data Market: Business Case, Market Analysis and Forecasts 2014 – 2019.
Additional reports that may help are: