MasterCard and IBM make Big Data available to small retailers
In this article (5)
IBM and MasterCard have partnered to offer smaller retailers real-time, analytics-based market insights on revenue, market share, customer demographics and competitors.
The solution integrates IBM Watson Analytics with insights based on aggregated and anonymous MasterCard transaction data through MasterCard Advisors Local Market Intelligence (LMI).
The data will be available to retailers who accept MasterCard – on subscription – from mid-2016 for specific locations or across multiple locations for those with store networks.
Eric Schneider, senior VP with MasterCard Advisors, says there is an increasing wealth of data today that merchants can leverage to better understand their market and customers.
“However, smaller merchants often don’t have the resources to maximise the insights. That’s the value of this platform turning Big Data into smarter data that is easily accessible and actionable.”
Yashesh Kampani, financial services sector leader with IBM ASEAN, says the service will help smaller merchants understand their business and competition better, and increase the strength and value of their customer relationships.
“Through this new service, merchants will discover just how easy leveraging Big Data can actually be with the analytical tools that IBM and MasterCard are making available.”
IBM says the Watson Analytics data discovery tool is designed to deliver cloud-based guided analytics, data visualisation and predictive analytics “without complexity”.
With its natural “language-based cognitive abilities”, Watson Analytics recommends starting points for the user to follow based on his questions and automatically serves up insights and visualisations that enable the user to discover new patterns in their data such as customer buying and behaviour trends and untapped campaign opportunities.
Questions & Answers
Q.What kind of data will retailers receive through this new service?
What kind of data will retailers receive through this new service?
Retailers will get real-time market insights on revenue, market share, customer demographics, and competitor activity. This data comes from aggregated and anonymous MasterCard transactions, combined with IBM Watson Analytics for deeper understanding.
Q.When will this data analytics solution become available to businesses?
When will this data analytics solution become available to businesses?
The service will be available to retailers from mid-2016. They will need to subscribe to access the data, which can be provided for specific locations or across multiple stores if they have a network.
Q.Why did MasterCard and IBM decide to offer this service to smaller retailers?
Why did MasterCard and IBM decide to offer this service to smaller retailers?
Smaller merchants often lack the resources to use the increasing wealth of available data. This platform aims to turn Big Data into actionable insights, making it easier for them to understand their market and customers effectively.
Q.What specific features does the IBM Watson Analytics tool provide within this service?
What specific features does the IBM Watson Analytics tool provide within this service?
Watson Analytics offers cloud-based guided analytics, data visualisation, and predictive analytics without complexity. Its natural language capabilities recommend starting points and automatically provides insights and visualisations of trends.
Reader pulse
Will this service significantly benefit smaller retailers?
16,397 votes so far