Big data is not only for technical things. It is having a wide application in different industries. Retail sector’s major growth is dependent on the big data analysis. According to a survey by Gartner — a technology research firm, 64% of the organizations are investing or planning to invest in big data technology.
In retail industry, a large amount of data is generated in every moment. They use different tools for analysing these data. There is great benefits of applying big data in retail sectors. The decision taken on the basis of big data analytics gives benefits to both the store and the customer. According to research by Monetate, retailers have big plans in store for big data. But the question is How? How retailers can leverage big data? Which way it will give benefits to their business.
Let’s discuss these benefits in which big data will helpful to retailers.
By determining customers demand– Today’s retail sector is totally dependent on customer’s choice. They need to arrange their business according to the customers need. With the help of big data, retailers can have better understanding of the customers’ needs i.e. which product customers want the most. This information helps them to serve right product at right time.
Matching goods– Most of time customers having the idea about what they want according to their needs but due to unavailability of enough option they were unable to find perfect match. So big data analysis provides you a close choice of customers’ preference so you can include it to your options.
Perfect calculation of offers– As a retailer the most perfect part to execute the sail is to put best offers to the customers at the perfect time i.e. when they are needy of those items. This makes both happy retailers and customers. You can use big data analysis for the information about the needs of customers.
Fraud detection– Big data also help retailers to find fraudulent. By using different techniques of analysing data you can detect the patterns of fraudulent. Keeping secure and safe your business should be highest in priority and big data will help you for this reason.
Analysing sensor data for organised service– By analysing the data of sensor you may get the exact information about the number of customers and their time of shopping. This analysis can help you to organise your store in well-mannered way.
Smart marketing– Today’s getting success in business not only dependent on marketing but more on smart marketing methods. Smart marketing refers to that marketing in which marketing will be customized according to the needs of individual customers – what they call personalized marketing. If a customer adds any product to their virtual cart and due to some reason they remove it from their cart, then you can try to give them some customized offer on that product to covert the sale to dollar.
If we look any leading retail players in the market today, all of them leverage big data and analytics for their decision support. Meaning, there is no other way to withstand in this competitive retail market instead leverage big data for your retail business – and it can help you to stand ahead of your competitors.