The term Big Data refers to data that is complex, voluminous, and received in incremental nature. Very basic examples of this are retail big data i.e. the data from e-commerce sites or businesses that are providing any kind of services/products to the society, stock exchanges, etc.
The concept came into the picture to analyze such complicated and substantially huge datasets more conveniently and efficiently than processing them with traditional methods.
Retail Big Data World
In the retail sector, big data in simpler terms means the data generated related to the end customer in terms of purchase orders, wishlist items, navigated pages, etc., likes/dislikes of the users, etc.
Therefore, the process of understanding and analyzing these huge datasets to read the customers’ behavior and analyze their buying patterns, and interests is what we call “Retail Data Analytics”.
It helps organizations to boost their productivity and enhance customer service experiences. Through retail big data analysis, it becomes very easy and quick to generate product/service recommendations for existing customers and forecast predictable market trends.
There are a significant amount of real-world examples that prove that integrating big data analytics solutions and analysis methods into the business could make your brand stand out in the retail arena.
Also read: Safeguard Retail Cybersecurity
Real-World Industries Boosting Business With Big Data Analytics
There are many top-notch retailers (both retail big data startups and established ones) that have been using retail big data analytics and data insights to strengthen their customer experiences and raise business profits.
However, we have gathered the data of a few big-name retailers that use such insights and analytics methods to boost their revenue and get desired customer satisfactory results.
- Aldo manages the chaos of Black Friday and Cyber Monday with Big Data Analytics. Aldo is a Canada-based shoe and accessory company that makes use of big data solution platforms to handle the data from multiple sources without any data outages, offer seamless e-services to their customers with smooth and easy-to-go payment transaction gateways, etc.
- Starbucks makes use of retail Big Data infographics as well. Gathering customer data, geographic information, buying trends, and taste interests, Starbucks offers customer-driven services to its customers and makes sure to stay connected with them even if they are not present in any of their coffee houses.
- Amazon - the renowned e-commerce giant makes use of big data analytics approaches for various services. The most powerful of these is their recommendation engine. According to a retail big data case study, most of the store sales are generated via these recommendations based on the customer’s browsing history, purchased orders, and wishlist.
- Ikea - the leading Swedish-based furniture business corporation uses big data solutions for recommending products based on the user’s buying patterns, wishlist items. Also, it provides its system’s ability to generate recommendations for complementary products against the products present in the customer’s cart at present. This whole integration process has enabled Ikea to offer satisfactory end-user results and drive business revenues.
Why Go for Retail Big Data Solutions?
With the growing market competition, to stay on top businesses nowadays are moving towards integrating big data analytics programs to retain the existing and attract the target customers. Moreover, it provides seamless operations, and helpful insights in decision-making regarding pricing offers, discounts to display, etc. to stay up-to-date with the new market trends.
Some of the huge benefits that big data analytics engines come with are:
- Improve the customer service experience. Big data solutions enable you to read secret customer behavioral data in recorded customer service conversations as well as social media presence (likes and comments).
- Advertising strategies and recommendations based on customer feedback. Amazon is a well-known real-life example of this. It generates customer suggestions based on their purchase history, navigation patterns, and other factors using big data insights.
- Intelligent and savvy pricing techniques to increase income and maximize sales. For firms that use big data analytics solutions, the decision-making process for increasing/decreasing product prices has become more efficient based on current market trends and end customers' search behaviors.
- Supply and demand management strategies that work.
- With big data retailing solutions in hand, tracking shipments on an individual level and keeping an eye on inventory systems has become a painless exercise.
- Personalized Savings Provides the option to target clients by reading their birthdays or anniversaries. Nykaa and Purplle are two instances of e-commerce enterprises that provide similar services to their customers.
- Increasing customer traffic by giving timely notifications or remaining connected at all times. This could lead to a huge increase in sales.
- Give insights and offer power to decision-making for improving store styles and appearances, staff management, and other services for a more satisfying customer experience.
However, it is not an easy task to implement big data solutions in your business. A proper plan and structured way are needed to make the entire thing work seamlessly and for this, we have Big Data analytics tools that make the job easy for organizations.
One such example of a similar tool is Apache Hadoop. This tool helps online retail stores to gather data and process insights that ultimately result in providing customer-driven business solutions growing the sales profit exponentially.
Conclusion
Retail Big data analytics is a real game-changer that would make your business outgrow and perform in various sectors. Not only this will help you gain the right exposure needed for the upliftment of your organization but will also provide you with the ability to offer the best in the market to your target audience.
Having the power to stay connected with your customers and generate desirable sales outputs is something that every business craves and integrating big data analytical solutions into your systems promises to offer such powers to your business.
Related Articles
Mobile App Development Company in Chennai
mobile app performance testing
App Development Company in Canada
Software Development Company in Canada
Microsoft Azure Managed Services
