5 ways Big data is disrupting retail operations

5 ways Big data is disrupting retail operations
big data in retail industry

Retail industry is ever evolving at fast pace since barcodes are introduced. The trail of big data is disrupting retail operations: when the product is manufactured, shipped, stocked, advertised, purchased, consumed and talked about.

Manage inventory – The big data way

Data driven inventory management can quickly track when the levels are out of sync with demand. Not only that, big data analytics can help identify adjacent product line and make recommendations to retail buyers.

Identify trends

Analytics provides unprecedented ability to identify trends so, retail buyers can maximise from those insights. Today significant world population is active on social media. Analytics tools that can peep into tweets, facebook posts and blogs to identify what people have to say about specific product. Thus, providing opportunity for improvising the product and identifying customer profiles that leads to further opportunities.

Targeted advertisements

Being able to capture large scale customer profile was never possible earlier. Thus, exposing specific customer segment to most targeted advertisements based on their interest is possible because of big data analytics.

Boost omnichannel selling

Retailers are able to leverage “omnichannel selling”. For example, offering special coupons to in-store customers who viewed the same items while visiting the online store. By capturing customer activities for online store visits and sending targeted offers to only those customers was never possible. Big data has opened up endless possibilities like optimizing price based on geography.

Start analyzing at low cost

According to Mike Gualtieri, analyst at Forrester Research Inc., In the past data experiments were prohibitively expensiveToday we have open source technologies like hadoop that plays a key role. Experimenting with big data at small scale using open source technologies and scale out once you are able to catch meaningful insights should be the sure fire strategy.Big data analytics is the holi grail of retail industry.

Krishna Meet is a technical writer and UX designer having core interest in analytical dashboard designing. Majority of her career span was into tech-writing. However, she thrives by intersecting multiple skill-sets : DITA documentation, script writing for tech-videos, business analysis, and UX design. She is a voracious reader and possesses Masters degree in Computer Science. Her interest in agile methodologies and user-centered design has landed her a techno-functional role at Brevitaz.

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