Impact of big data on customer retention in the retail industry-TutorsIndia.com

Research paper

Impact Of Big Data On Customer Retention In The Retail Industry Tags: Tutors India | Retail Marketing | Big Data | Retail Business | Inventory Replenishment | Inventory Management | Auto Replenishment | Dissertation Writing Service | Dissertation Topic Selection Help Dissertation | Assignment | Essay | Statistical Analysis | Coding & Algorithm | Resit Dissertation | Powerpoint | Poster

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TutorsIndia Lab @ TutorsIndia.Com Business & Management (B&M) Lab at TutorsIndia is involved in exploring novel research areas for the challenges faced by today’s technology-oriented business or organisation, the market, the economy, finance and sales. The research team explores and identifies troubling questions that exist in scholarly literature, in theory, or in practices that needs deliberate investigation.

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You will find the best dissertation research areas / topics for future researchers enrolled in Business & Management.

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Big data is concerned with the effective use of business information which can be used for informed decision making.

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Most of the retail transactions occur in silos with minimum scope for sharing vital information.

Overview

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In order to identify the future research topics, we have reviewed the Business & Management literature (recent peer-reviewed studies).

The potential for growth and expansion for the retail industry is much higher than any other industry due to increased purchasing power and standard of living.

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Retail Industries - INVENTORY Inventory is a crucial resource for any business but for the retail industry it determines the future.

In case of non-availability of inventory at the right time in the right place, there are great chances of losing the customer forever.

A lost sale has multiple impacts on the business ranging from lost revenue, customer dissatisfaction, higher cost of procurement, etc.

You will find the best dissertation topic for future researchers enrolled in Business and Management.

These topics are researched in-depth at the University of Glasgow, UK, Sun Yatsen University, University of St Andrews and many more.

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Inventory Replenishment Inventory replenishment has three vital tasks, namely sales forecast, inventory management, and auto-replenishment.

Retail businesses most often maintain Excel Sheets or ERP to record sales, however, least is done on the predictive sales analysis.

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Big data is used in the sales forecasts focusing on understanding the buying behavior and pattern of customers.

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With the help of big data, the business can be in a comfortable position of foreseeing future sales to amend the inventory position.

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Inventory Management

By using big data retail businesses will be able to control the level of inventory in the business.

The culmination of the business data with data analytics will help retail businesses in a big way by ensuring to avoid a lost sale.

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Inventory management includes a wide range array of functions including inventory control and logistics.

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Since over and under stocking has the direct brunt of operational efficiency.

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Big Data In Inventory Replenishment -Retail Business 01

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Increase the operational efficiency of the business by obtaining real-time information about inventory position.

Increase customer satisfaction levels.

In order to identify the future dissertation topics, we have reviewed the dissertation (recent peer-reviewed topics) on\ both engineering and management. Order Now

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Current Challenges

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A strong and robust analysis of data, the data collected from various stakeholders should be accurate and precise. Apart from the correctness of the data, the method of collection of data is also crucial.

Operational difficulties such as insights of the industry, logics of the data set, etc need to be streamlined.

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The industry has the potential to grow and become one of the most important sectors in international business, however, due to industry-specific issues, it is yet to grab the eyeballs of the potential workforce.

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Conclusions It will help the business to comprehensively understand and collaborate data for better decision making.

Big data also provides data security and privacy, the information collected and analyzed can be stored and used for the business.

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Big data has the potential to largely contribute to unleashing the scope for the retail industry.

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Business is incapable to handle data from multiple stakeholders and use them in favor of the business, the only feasible solution is big data.

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It can be concluded big data is capable to revolutionize the pace and nature of the retail industry across the globe.

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Future Scopes 01

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Big data analysis will help companies to explore and captivate on the potential of using a large volume of data, compiled in a sensible format.

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Better collated data has the power to be considered as a competitive advantage.

04 Due to easy accessibility and high feasibility, e-business has become a major gamechanger in the retail industry.

Due to the increased cost of logistics due to fluctuating fuel prices and inconsistent vendors, big data is considered as a perfect solution for concerns over inventory management.

05 The industry is looking at gathering information from offline and online customer patterns to enhance the overall customer experience.

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