ROLE
OF BIG DATA ANALYTICS IN RETAIL
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.