News in brief: Big Data & e-commerce

News in brief
News in brief

Half of businesses are missing opportunities due to poor data analysis

More than half of businesses have missed opportunities they didn’t see coming because they lacked accurate information at a time when they really needed it. That’s according to the European Big Data – Big Failure report released by Pure Storage, a Silicon Valley-based flash storage provider.

European businesses face a dilemma: 78% of them believe they could boost their performance by at least 21% if they could access insights faster, but more than half (51%) said they’d lost an opportunity that they’d not seen until it had already gone. Nearly a third (31%) had it happen more than once a year and almost a fifth (19%) saw it happen a few times a week. The report shows also that this equates to a significant loss – up to £2 million a year in lost revenue per company for those with sales between £100 million and £500 million, and considerably more for those earning more than £1 billion: an estimated £20 million per company, per year.

Pure Storage VP for EMEA James Petter said: “The reason we’re seeing these trends emerge is because it is now cheaper for businesses to retain the data they are collecting, than to destroy it – so the volume of data a business holds is growing rapidly. But at the same time, it is complicated and costly to access usable information fast enough to make a difference.”

Only 13% of SMEs offer the big three online services

A study of small businesses found that only 13% offer the three online services most demanded by consumers: click and collect, online payments and the ability to browse products.

The research, commissioned by Nominet – the internet company best known for running the .uk internet infrastructure – shows that many SMEs remain out of date when it comes to meeting modern customer expectations.

Some businesses recognise the importance of being online, with 51% believing they would lose customers to competitors who maintain an online presence. The need to do better is also clear, as only 55% of respondents think they are meeting their customers’ online expectations.

Nominet CEO Russell Haworth says: "This Small Business Saturday, we urge small high street businesses all over the UK to ensure they are up to date with the changing expectations of their customers. If a business doesn’t have a strong online presence – something which is now clearly expected of them – then customers may choose to shop elsewhere. While high street businesses can’t all expect to become the next online retail giant, having a basic landing page with opening hours, contact details and a list of stock, services and prices, should be seen as an essential marketing tool to get customers through the door."