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Does Big Data Bring Big Value to Retail?

DZone's Guide to

Does Big Data Bring Big Value to Retail?

How big data can positively impact retail sales, marketing, and inventory control.

· Big Data Zone ·
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Big data today is a revolutionary technology trend that is adding enormous value to widely varied businesses. Healthcare, manufacturing, public sector and agriculture sectors are leveraging big data technologies to the best and transforming their business critical processes.

The retail sector today is undergoing massive transformation, not only due to brick and mortar outlets changing their form to digitalized online shopping but also due to other aspects such as rapidly changing customer preferences, present economic scenario, sinking margins and unmanaged inventories. Due to these factors, retail business owners are under tremendous pressure and facing critical challenges that need to be addressed quickly and efficiently.

Retailers today have valuable information coming from various sources such as web, ERP systems, CRM systems, social media, and surveys. If this information is captured, managed and analyzed effectively, retail companies can address most of the business challenges.

Big data brings big capabilities to the retail businesses to leverage best from the customer data and gain deeper insights that drives innovation into business, competitive advantage to their products and services and significant growth in financial results.

There are many enterprises that offers cutting-edge technologies to enable big data solution in retail business. Hadoop, Cloudera, Intel, and Dell are among the most promising analytics solution providers in the global market players.

Big data solutions and tools offered by analytics companies enables users to efficiently run sophisticated analytics, data integration and management with which they derive insights in to customer interests and demand for their products or services.

Hadoop being a well-known analytics technology empowers retail companies to efficiently address various challenges related to storing, managing and analyzing huge sets of structured, semi-structured and unstructured data formats.

It brings advanced data intelligence capabilities into big data to process multi-structured data volumes quickly and also makes the user capable enough to easily scale the rapidly growing data volumes.

Benefits

Big data practice enables retail companies to segment the customers to improve new customer acquisition and gain deeper into customer buying behavior.

Retail companies can leverage big data information to come up with personalized offers, cross-sell, up-sell, buying patterns, and redefine overall shopping experience.

Big data enable retailers to improve stock management as big data information gives real-time insights into customer feedback and interests with which they can easily identify the products and services in-demand.

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Topics:
big data ,big data analytics

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