For any business, the key success factor relies on its ability for finding the relevant information at the right time. In this digital world, it has become further crucial for the retailers to be aware of what decisions should be made, and how they will impact their financial and operational performances. The growing demand for these insights has kindled the growth of Big Data in retail industry. Today, the retailers are considering the Big Data and Analytics as the game changing path for their businesses in attaining a high competitive market advantage.
According to a survey by Gartner, it was predicted that the use of Big Data in retail industry will grab the $4.5 billion mark by 2019. The results have further informed that more than 500 businesses have already invested in Big Data and a lot more are expected to invest by the end of 2016.
“The future is going to be so personalized, you’ll know the customer as well as they know themselves” – Tom Ebling.
In any retail landscape, Big Data can be effectively used for enhancing the supply chain figures, by accurately estimating the market demand, and pulling out large profits along with high customer satisfaction. The retailers with the key goal of reducing the operational costs and enhancing the profit margins are looking at the Big Data as a massive tool for vivid transformation possibilities.
For example, a leading fast-food retail chain can start analysing the data from social media for spotting the upcoming events in the local market. This will accordingly assist the retailer to be fully-prepared of meeting the demand with the required food supplies.
Big Data analytics offers the retailers to:
• Deliver a smarter shopping experience to the customers.
• Develop patterns for optimizing business operations.
• Build supply chain decisions and product assortments.