Big data isn't just for big business.
Smaller retailers, according to LightSpeed's second annual Independent Retail Technology Adoption Report, have realized that data-backed insights into customers' buying patterns can help them provide suggestions and boost sales.
Twenty-six percent of independent retailers plan to add data analytics by the end of 2015 in order to make better buying decisions, while 35 percent say they plan to use data analytics for personalized marketing by the end of 2015, with 18 percent predicting using data for personalization will be a top source of increased revenue.
"Independent retailers are confident in their futures, and are ready and willing to invest in technology that will help them keep up with competition and increasingly tech-savvy customers," said Dax Dasilva, founder and CEO of Lightspeed. "Our data shows they are placing special value on the tools that take the guesswork out of their business - in the back of the store, on the store floor and online - so that each decision they make from inventory to marketing is driving revenue."
Other notable findings from the report include:
- 42 percent of independent retailers said they would increase their budgets for in-store technology this year
- 61 percent said they would increase their online technology budgets
- 39 percent predict more online sales will be the biggest revenue driver this year
- 27 percent expect online store revenue to increase by more than 20 percent by the end of next year
- 50 percent have an online store, up 23 percent from last year
When it comes to alternative in-store payment options, however, only 9 percent of those surveyed currently accept Apple Pay with 40 percent having no plans to ever accept Apple Pay, citing lack of interest from customers. Still, by the end of 2016, 34 percent plan to accept Apple Pay, 25 percent plan to accept Android and 23 percent plan to accept Samsung Pay.