e27 talks to Nick Cloete about what sales and retail companies big and small do to handle all their massive data
Australian cloud point of sales company Kounta recently launched Kounta Insights, an analytics platform that dives deep into point of sale data for a particular store or outlet. Information is power, and what better way to amass it than from sales data of the many products you push out?
What makes this different from other similar services is that by connecting this to point of sales data, all the chains and companies using Kounta Insights can easily access Big Data on an easy-to-use and cost-effective cloud-based platform. This leads to those companies making better decisions on improving user experience and inventory.
And now, Kounta will be targeting Southeast Asia for its Big Data-collecting business. According to CEO Nick Cloete, it’s a huge opportunity for providers like his. “It’s a very tech-savvy base who are quick to adopt new, industry-leading technologies.”
“The market will embrace Kounta because our offering will allow merchants to fulfill the rapidly-shifting customer service expectations there around self-service, mobile ordering, and payments at a very affordable rate, while not skimping on security and customer support,” he added.
Of course, he is more than willing to impart some Big Data-related wisdom to e27 and startups in Asia focussed on retail. Here are the many ways Big Data can help revitalise the ever-growing-but-ever-saturating business:
1) Cost-effective technology
Cloud-based storage has become so inexpensive over the past few years, and technology has become smart at the way it handles Big Data. This means that business intelligence and analytics platforms don’t necessarily need to cost the earth.
2) Growing data volumes
The future of retail is online and the future of online is mobile. The rise of both these elements have accelerated the growth of available customer data. A typical retailer can get to know a lot about their business and their customers with the data that they have already been collecting for years.
They just need the right tools — and big data is one of them.
3) Omni-channel data
Insights reached through analysing transactions and in-store traffic like checkout wait times have changed the way stores are designed and how they communicate in and out of these places. Tools like online analytics and smart devices bring enterprise-level performance to provide a complete customer view to today’s small business owners.
Segmenting, servicing and marketing in a targeted way to different types of customers is essential to success, especially considering that it costs more to acquire new customers than to keep the best customers.
5) A personalised experience
Big Data (especially live Big Data) gives a real-time view on all customer interactions that enables quick decisions to be made tailored to customer movements and interactions with stores. Reaching customers at the right time, in the right place, through the right channels is now possible.
Now that Kounta Insights is bringing Big Data for small and mid-sized businesses to use, thanks to cloud-based technology, anyone can start using it for good or ill. “It will be interesting to see how SMBs engage with this data and see what new trends will emerge,” said Cloute.