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How The Retail Big Data Analytics Is A Game Changer For Retail Industry?

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Before jumping into the importance of the retail big data sector, let us first guide you about the basics of what the term Big Data means.

The term Big Data refers to the data that is complex, voluminous and is 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 rather than processing them with the 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, 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 the existing customers and forecast predictable market trends. 

There are a significant amount of real-world examples which prove that integrating big data analytics solutions and analysis methods into the business could make your brand stand out in the retail arena.

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 using 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 up their revenue and get desired customer satisfactory results.

  1. 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. 
  2. Starbucks makes use of retail Big Data infographic 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. 
  3. Amazon - the renowned e-commerce giant makes use of the 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.
  4. 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 the 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, helpful insights in decision making regarding pricing offers, discounts to display, etc. to stay up-to-date with the new market trends. 

Some of a huge lot of benefits that big data analytics engines come with are:

  1. Enhance customer service experience. Big data solutions provide you with the ability to read hidden customer behavioral data in recorded customer service calls, social media presence (likes and comments). 
  2. Customer-driven advertising campaigns and recommendations. The very renowned real-life example of this is Amazon. It makes use of big data insights to generate customer likely recommendations based on their purchase history, navigation patterns, etc. 
  3. Intelligent and smart pricing strategies to boost up the revenues and yield maximum sales. Based on the current market trends and end users’ search patterns, the decision-making process for increasing/decreasing prices of products has become very efficient for businesses using big data analytics solutions.
  4. Efficient supply and demand management systems. Tracking shipments on individual levels and keeping a check of the inventory systems has turned out to be a hassle-free activity with big data retailing solutions in hand. 
  5. Personalized Discount Offers the possibility for the target customers by reading their birthday data or anniversaries. Nykaa and Purplle are examples of such e-commerce businesses offering likewise services to their customers. 
  6. Pulling Customer footfalls by sending appropriate notifications or staying connected at the appropriate times. This might result in a significant rise in sales. 
  7. Give insights and bring in power the decision-making for upgrading store styles and looks, staff management, and other services for a more customer satisfactory 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 for and integrating big data analytical solutions to your systems promises to offer such powers to your business.

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