ROLE OF BIG DATA ANALYTICS IN RETAIL

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WHAT IS BIG DATA?

       Big data is a stream of abstract information, highly voluminous in size, generated every single second at an alarming rate that cannot be analysed by hand database and traditional software. Big data includes all kind of data sets from internal as well as external sources such as customer cares, social media, billing, market research etc.According to IDC these data sets are increasing exponentially from 4.4 zettabytes to 44 zettabytes in the period of 2013 to 2020.

BIG DATA ANALYTICS

       Analysing such a large amount of inconsistent and uncertain data so that it is useful for both customer and company using parallel computing tools is known as BIG DATA ANALYSIS. Large amount of data is surely a challenge, but to make it as an opportunity is what companies do to make profit.

                 “when life throws you lemon, make lemonade”.

So big data is used for generate high profits. Big data analytics constitutes DATA WAREHOUSE, SECURITY OF USER DATA, MINING OF DATA (keeping only useful information), ANALYSING and REPORTING.

ROLE OF BIG DATA ANALYTICS IN RETAIL

      If we talk about retail, it is the biggest revenue generating industry. Thus, retail industry focuses on big data analysis to increase its profit. To achieve the big data analytics, it collects big data.

     Now what is big data in terms of retail companies? Thousands of times people visit companies such as amazon, flip kart, myntra etc. each time you visit a site you search for the product you want to purchase (search history is stored), checkout several products, you have your purchase history, along with your personal details etc. these all are data that the retail company collects.Then the company mine the useful data and then analyse it properly.

Now the question arises how does big data analysis helps the company?

  • This helps the company in predicting what the customer is interested in, and what he is going to order next which indeed leads to customer satisfaction and customer faith and thus increases repeat business.
  • Faster and accurate decision making by analysing the data is another way to increase the profit.
  • At the time of peak season knowing about the customer needs, providing exact material on time, accurate stocking of material according to the season helps in gaining profit.
  • Offering gift vouchers to the regular customer at time of off season and peak season can help in large sales and repeat business.
  • A promotional message to customer who visits the retailer offering off or let the customer know about the new products is a good way of analysing big data and increasing sales.
  • Taking feedback from the customer after sales and then implementing that data in future deliveries is one of the best ways for big data analysis.
  • Using social media company can get to know about the customer preferences and ongoing trends in the society hence, increasing the stock and leading to customer satisfaction and profit earning of company.
  • Market research can get a large amount of data and thereafter analysing it properly and implementing can increase the no. of customers.
  • Considering pricing all over the world and then implementing in your site can help company to gain large profit and gain high traffic.
  • Big data helps to edge the competitions in the market.

 

     To conclude we can say that collecting large amount of data, mining it, and analysing the data thereof is called as big data analysis. It is used by companies to increase the market value. Moreover, big data analytics is one of the best way to increase repeat business to the company which helps in customer satisfaction and indeed leads to gain profit.

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