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Press Release -- January 23rd, 2014
Source: Verizon

The Connected Consumer – Part 2 of 3

Second of three videos from a Verizon-sponsored panel at NRF’s ‘Big Show’ discusses the impact of ‘Big Data’ on today’s ‘Connected Consumer’

by Maria Montenegro\

In conjunction with the National Retail Federation’s ‘Big Show’ in New York City, Verizon Enterprise Solutions recently convened a group of industry thought leaders for a lively discussion around the topic, “Driving Consumer Experience and Building Trust in a Connected World.”

In this second segment of a three-part video series, retail experts Ravi Bagal, vice president with Verizon Enterprise Solutions, Greg Buzek, founder and president of IHL Consulting Group, Mark Donovan, chief operating officer for Thinaire, and Phil Burroughs, vice president of retail and hospitality with Verizon Enterprise Solutions discuss how the rise of ‘Big Data’ is impacting the relationship of today’s ‘Connected Consumer’ with the retail industry.

Bagal commented that with all of the mechanisms available to collect and store customer data, the industry is, “becoming data rich and information poor” given that the best approaches to synthesizing consumer preferences are still in the works. Donovan cited that the retailers who will succeed are those that really get to know their customers and tailor outreach accordingly. As Bagal notes, it’s not simply about pushing out special offers and is more about, “a promise made and a promise kept.” Burroughs spoke to the technologies now available to engage with today’s ‘Connected Consumer’ and commented that the, “best is yet to come” over the next 18 months.

Tune in tomorrow for a timely and serious discussion around the significant threats to the retail industry that are being posed by cybercrime.

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