The Top 4 Reasons Small Retailers Need Big Data
By Michael Stevens, Executive Vice President, Marketing & Innovation, Spindle, Inc.
According to the Small Business Administration, local businesses make up more than 99.7 percent of all employers and create more than 50 percent of private gross domestic product. These merchants represent a formidable opportunity for dealers selling payments solutions.
Each of these merchant’s point of sale (POS) systems has the potential to tap into a treasure trove of valuable information about the consumer’s purchasing habits and preferences. “Big data,” gathered at the point of sale, can provide critical information to help small businesses compete against larger retailers. As such, resellers can leverage marketing data analytics integrated directly into their POS, to help them be smarter marketers and reap a dramatically improved return on marketing investments.
Although big data of this sort has typically been considered the realm of larger organizations, SMB merchants have plenty — if not more — to gain from insightful analysis of their current and targeted customers. Here’s how:
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