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Important points that Big Data offers the Retail Industry

dhrumitshukla profile image Dhrumit Shukla ・3 min read
  1. Big Data is a great source of competitive edge in the retail industry. It predicts trends and prepares a business for future demands. It could also be used to optimize pricing models.

  2. Big Data addresses the need for innovate information for the retail industry. Retailers could use tools for collaboration, gather business information and store management within their stores of franchises.

  3. Big Data helps the retail industry deliver a smaller, but more intimate experiencer to the clientele. This could deepen customer relationships, impact loyalty and purchase experiences.

  4. In the retail industry, Big Data is a game changer. Analytics is now applied at each and every aspect of the retail process. It’s all about turning very huge quantities of data into useful information.

  5. Big Data boosts the effectiveness of virtually all aspects of the retail operations. More and more retailers are adopting an enterprise big data solution to boost existing processes, increase sales and acquire a competitive edge.

In the competitive business scenario today, such as retail, usage and access of Big Data is a source of competitive edge. In the past, business owners relied on intuition for their marketing decisions. At present, data rules how commerce is being done. One great use of Big Data in the retail industry is to predict trends and to prepare for demand in the future. Moreover, it could also be used for optimizing pricing models.

Retail organizations should be always updated on the wants and needs of the customers, regardless of which channels they may be so they could innovate and stay ahead of the competition. Big Data addresses the need for this kind of information and when acted upon could lead to great profit and sales for retailers. Companies could use tools for collaboration, collect business information and store management within their franchise or stores.

Big Data could be used by retail companies to boost the customer experience. Take the case of Amazon, for instance, which is a web shopping giant, uses massive Big Data it gathers and generates daily for a personalized shopping experience. For instance, recommendations for a customer are based on the browsing habits. Moreover, it could also recommend books or items to give to relatives or friends based on one’s browsing and spending history. This enables Amazon to dramatically boost its sales since it is scaled upon an extensive customer base and years of Big Data collection.

The power of Big Data would continue to influence the decisions of companies and retailers in general. Some businesses still rely on gut feeling or intuition or observations to make retail decisions and production, but eventually they will come to understand that analytics would win almost all of the time. Nowadays, markets hardly know their customers. This is where Big Data comes to play. It could help a retailer deliver a smaller, yet more intimate experience to the consumer. In turn, this could deepen customer relationships, impact purchasing experiences and loyalty. Now, retailers rely on data such as browsing histories, wish lists and purchasing history to make individualized product suggestions, email, marketing offers and SMS campaigns among others.

It is a big game changer and retailers are starting to accept this fact. Big Data analytics is now applied at each phase of the retail process. It’s all about turning extremely big data quantities into useful information. When businesses effectively aggregate and analyze them, ideas are born, patterns appear and fashion companies become trend setters. For most retailers, the top priority is shifting inventory. Big Data could help by adding some intelligence to the web shopping process, especially when it comes to people who do not complete their purchases. It could also heljizjiu9p detect and prevent fraud. This is done by analyzing the data from sales transactions, warehouse inventory, and employee shift records, forecasts of sales, accounts payable to isolate fraudulent transactions and help secure the bottom line. Almost each and every aspect of retailing has been affected by Big Data. This has helped boost the effectiveness of virtually all retail operations aspects. A growing number of retailers are adopting an enterprise huge data solution to improve existing processes, boost sales, minimize fraud and obtain a competitive advantage.

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Dhrumit Shukla

@dhrumitshukla

Dhrumit Shukla has been working as Business Development Manager in a software development company named TatvaSoft since 5 years.

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