Midnight shopping, crashing websites and scenes of in-store hysteria, all contributed to what was the UK’s biggest Black Friday yet. After a slow start to November, retailers are finally seeing signs of the Christmas rush. And Black Friday marked the start of it.
The NHS describes Compulsive Hoarding as “excessively acquiring items that appear of little or no value and not being able to throw them away, resulting in unmanageable amounts of clutter.” When it comes to data, there are an infinite number of things which can be captured about an individual’s daily interactions with the world around them. All of the data can provide us with huge insight into an individual or collectives habits which is priceless.
Mintel predicts that 13% of all retail sales will take place online this Christmas and online spending will top £13bn for the first time according to Sage Pay, an 18% increase from last year.
“With record online spending predicted for Christmas 2014, it’s never been more important for small businesses to be online. Most larger retailers are already preparing themselves for Christmas, and if independent merchants want to capitalise on consumers’ confidence, they need to follow suit and begin preparing too.” Simon Black, chief executive of Sage Pay
Today, businesses of all types are relying more on customer data, but it’s hard to think of any companies more reliant on customer data than insurance firms. Just about every business decision they make is based on information.
The potential for big data to significantly drive revenue growth in ecommerce is huge. Rarely a day goes by without it being in the headlines but are ecommerce businesses actually harnessing big data and turning hype into reality?