Harnessing The Power Of Big Data For Your Retail Business - Insights And Analytics

Nowadays, a large volume of data is used by enterprises to make sound business decisions and to generate more revenue. This data, both structured and unstructured is known as Big Data. It is changing the way businesses compete in the market as a careful analysis of this vast data opens a big door of opportunities. For example, Amazon.com offers customized web pages for every customer and shows products based on the analysis of the purchase history as well as the click-stream data. This enables the retailer to deliver a fabulous shopping experience and to achieve soaring sales figures!

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 Need of Big Data Analytics in Retail There is an immense need for big data analytics in retail and retailers have already acknowledged this fact across the world. Although there is a whole range of reasons, some of the prominent ones are the following ones.  Predicting Trends If retailers have knowledge of the upcoming market trends, marketing becomes a lot easier. Today, retailers employ big data analytics to get this knowledge and consequently plan their marketing strategy as per the latest buzz. An analysis of the big data gathered from social media posts and other sources actually reveal a lot and successfully predict the upcoming trends.  Forecasting demand Imagine, having a thorough understanding of what your customer need in advance! Selling products can be an effortless affair if you know what kind of products your customers will demand in the coming season and big data analytics exactly helps in the same by analyzing demographic data of customers, customer feeds, spending habits, etc.  Optimizing pricing Offering an optimized pricing is not an easy ball game, but some retailers have already achieved this impossible feat by leveraging the power of big data analytics. Walmart is successfully tracking the demand, inventory levels, and market trends in real time with big data analytics and this is helping the company immensely in offering its products at an optimized pricing to the customers.

Apart from the above, big data analytics is also needed in the retail industry to identify potential customers willing to spend and experiment with different product offerings. As per the study commissioned by Wipro, 64 percent of the surveyed retailers are now making use of big data collected from social media (Facebook and Twitter) and have increased their overall sales.

However, retailers face a great challenge in harnessing the power of big data due to its sheer volume and its variable nature. Most of the retailers also have no capacity to process this voluminous data. They simply do not have access to the sophisticated tools and technologies required to harness this unimaginable power of big data. Small-scale retailers are the worst sufferers in such a scenario, but there is a positive aspect. There are now IT companies offering big data analysis as a service to the retailers and that too at an affordable rate. Lastly, it is high time that those who are still lagging behind should roll up their sleeves and embrace the changes that technological advance is offering to the industry. If you are in a retail business and wanted to leverage the benefits of big data analytics, Rigel Networks Pvt Ltd has the experience & expertise that all you need. It is an end to end IT services and solutions provider company, having proficiency in Cassandra & Solr big data technologies.

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