Nowadays the retail industry has become highly competitive. With the advancement in technology, the buyer can compare the prices and other products detail within in few seconds. Therefore it has become important for the seller to deliver a great customer experience overall. With all this, there comes the need to manage a large amount of data regarding storage, purchase, sale, demographics, and more. The use of big data in retail industry in USA, Australia, and many more countries helps in collecting a huge amount of data in a more organized manner. A large number of people research the product online before making the purchase. The collection of data has become very important to analyze and improve the marketing and customer servicing techniques. Here we will discuss the advantages associated with using big data analytics in the retail industry.
- Smarter shopping experience: With increasing customer awareness and expectations it has become very important to deliver a great shopping experience to customers. It includes making sure that the customer is satisfied at every point. It helps in attracting new customers as well. Big data analytics help in making sure that products are in stock, promotions, and prices are up to date, and more. Moreover, machine learning monitoringensures the production quality is up to mark.
- Provide models and trend: Successful companies’ uses big data analytics to predict future as well. Big data uses data and creates models regarding the products that the customers are likely to purchase. Predicts upcoming trends and new opportunities.
- Provides estimation regarding purchase: Big data analytics help in analyzing customers liking and disliking and also provides information regarding the methods and technologies that match with customer’s preferences. All this helps the company to come up with strategies and idea that gives them an edge over other competitors.
- Detection of frauds: There are a number of fraudsters that impact the customers’ trust and sales. Big data analytics helps in the detection and prevention of fraud by providing the information of the user’s IP address.
- Advertising: With the help of big data analytics a seller can learn about the preferences of the customer and the best medium to contact them where they would like to receive marketing information and more.
- New location for outlets: Big data analytics provide information regarding the demographic, spending and market conditions, etc. That helps the company to determine the place suitable for opening a new outlet.
- Price optimization: It helps in understanding the rise and fall in demand for the product. The company can adapt the price in real-time depending on the information collected by big data analytics regarding the demand, supply, and trends.
Overall, it can be easily established that big data analytics help a company to grow. It helps in recognizing the customer needs and increases their profitability. Big data analytics provide a competitive edge over the other sellers in the market. Data analytics helps retain customers and also in attracting new customers. It improves overall brand image by ensuring customer satisfaction. Big data has a number of advantages associated with it that the company can use to make huge profits.