How Big Data is Transforming Retail Industry

How Big Data is Transforming Retail Industry?

Last updated on 01st Oct 2020, Artciles, Blog

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Prithivraj (Sr Big Data Analyst )

High level Domain Expert in TOP MNCs with 8+ Years of Experience. Also, Handled Around 16+ Projects and Shared his Knowledge by Writing these Blogs for us.

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Retailers are getting wiser, and many owe their ascension up the knowledge tree to the information explosion. They know more about the consumer than ever. Where they live. What they’ve purchased in the past. What they’re likely to buy if they see it in the future. Don’t be alarmed. It’s not necessarily a privacy breach at hand. It’s the fact that more businesses have hitched on to the big data bandwagon.

From historical sales data to social media feedback, retailers are using a wide variety of data sets to customize messaging, products, and experiences that customers will respond to. When you can deliver on what the customer wants, you’re obviously going to do better than the rival feeling their way around in the guessing game. However, when you have capabilities that allow you to take those actions in real-time, you’re right on the cusps of continual greatness.

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The possibilities square measure endless once incorporating huge information analytics into your retail strategy.

Relevant Retail Targeting

Big-Data

The emergence of social media represents prime opportunities for retailers, and big data analytics affords them the opportunity to take full advantage. For example, based on the responses to a social media post, it’s possible to identify just who’s in the market for a new computer, and who’s planning a trip to the Bahamas. So when they’re ready to rev up their marketing campaign, a travel agent can send deals about vacation packages to the Bahamas via email.

Mobile Targeting Innovation

As far as targeting mobile consumers goes, it’s fair to say that we haven’t seen anything yet. By tapping into these gadgets people can’t seem to live without, it’s possible for retailers to target consumers with ultra-relevant offerings right on the spot using data and technology like iBeacon. Developed by Apple, iBeacon uses Bluetooth Low Energy (BLE) to help stores identify patrons as soon as they enter the building and send relevant offers right to their smartphones. Soon, retailers will be able to incorporate dynamic functionality that changes offers based on the consumer’s position in the store. Pretty slick.

What several retailers square measure discovering is that huge information analytics is way quite a conversion tool and revenue generator.

It also arms companies with powerful insights they can keep on deck and call upon when the right moment arises. Let’s say you run a local grocery store.

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If your information tells you that a specific whole onion dip is mercantilism well along with your most well liked potato chips, you can tweak your shelving situation so the two items are closer together and the customer has an easier time finding them.

Big data analytics is revolutionizing the retail sector both on and offline. Several corporations during this vertical square measure challenged with info within the volume, variety, and rate that constitutes what the trend is all concerning.

Retailers using the tools that allow them to manage it and take advantage are poised to enjoy the biggest competitive edge.

Big data analytics is revolutionizing the retail sector both on and offline. Several corporations during this vertical square measure challenged with info within the volume, variety, and rate that constitutes what the trend is all concerning.

Why retail companies using Big Data?

The adoption of Big Data by several retail channels has increased competitiveness in the market to a great extent. Retailers are now looking up to Big Data Analytics to have that extra competitive edge over others. They are rapidly adopting it so as to get better ways to reach the customers, understand what the customer needs, providing them with the best possible solution, ensuring customer satisfaction, etc.

Use of Big Data in Retail Industry

The use of big data in the retail industry is accelerating rapidly, and with it, the need for businesses to find the best use cases for the same.

Big Data use cases in Retail Industry

Here are some of the use cases of Big Data in Retail Industry:

  • Personalizing customer experience
  • Predicting demands
  • Operational efficiency
  • Customer journey analytics
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Conclusion

In this ever-growing digital world, Big Data is everywhere. Almost everything we do online can be analyzed. Big Data is the future of the Retail Industry and to survive and succeed in this ever-advancing digital world, customer insights are the biggest wealth retailers can ever have. If not exploited properly and on time, a retailer would stand to fall behind the rest of the pack. On the flipside, Big Data has endless advantages and can take your business to unimaginable heights.

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