Today, retail is driven by data and technology. Big data is becoming really important to retailers. Retailers must adopt big data and digital skills to get succeed in a sector. According to a survey from “101Data”, 96% of retailers reported that big data was important to them and 48% of retailers reported that big data best fit with their marketing department.
As we know that the thumb rule of online retail marketing is: to know every product across your service area, to know every person to whom they interact and with having the best ability to connect them in a transaction.
We all have probably seen the big data and digital in retail sale. If not then you may experience this. For this you will need to go to a shopping site for online shopping. Add a watch in your cart and after sometime remove it from the cart. Now move out from that website. After onward every site you visit may found a watch ad of that shopping site. Online retailers use the data of your interest and customize the ad to you according to your interest. As a research of Amazon states that they had 30 percent of sales due to their recommendation engine. That is the use of big data and digital in the retails.
One of the famous example of taking advantages of big data by a company to drive success is Rolls-Royce. As we now that Rolls-Royce is famous to manufacture large engines which generate a large amount of power generally used in airplanes and ships. They generated a large amount of data during the manufacturing of a jet engine. They used these big data information in mainly three areas i.e. design, manufacture and after sales support. After using these data they found huge change in every field of their industry. They were getting more appropriate and best designs, Product went more error free and sales increased
These are the few application of big data and digital in retail sale:
Expected buying behaviour– To find the expected buyers of different products using the analysis of data. It’s like if a retailer has to sell a game then they will love to advertise for keen gamers and with the help of big data they may easily find those people.
Opinion about brands– To find the famous product among the buyers and organise their product on the basis of buyer’s choice. It also help us to get real-time opinions & responses.
Personalized Shopping– To provide discounts based on past shopping details like preferences and give discounts on the basis of their previous transactions. It help any organization to keep their customers for a long period of time.
E-Commerce optimization– In retail marketing customers are on driving seat. Companies are totally dependent on what customers want, it doesn’t matter what you sell if it’s not according to the customers need you will never get success. So, it’s essential to understand the user behaviour on the website to optimize sell. Big data analysis can provide the user behaviour.
Optimizing the store– Have you ever noticed that why essentials are at the far end and luxury goods at the start. This is the optimizing store. Using big data analysis they track user movements to understand their behaviour.
Price– Big data can also provide the base for prize optimization model.
Big data is the biggest reason for getting success in retail sale. It creates a lot of opportunities for marketing and sales. So, retailers are moving quickly into big data. Some companies are already using big data and digital and getting benefits of using big data and digital in retail sale and they got 5-6 percent increment in their productivity rates and profitability.