Big data presents tremendous opportunities for the retail industry. Retailers can leverage big data to stay competitive, boost operational efficiency, improve customer experiences and adapt to the changing demands of the market.
So powerful is the ability of big data to influence enterprises that according to McKinsey Global Institute, the wider adoption of big data analytics could increase annual GDP in retail and manufacturing by up to US $325 billion in 2020.
1. Targeted Marketing
Retailers who can harness the power of big data will be able to target the right consumers with the right offers. Insights from the interactions form the basis of a targeted business strategy and personalize the experience for each customer.
2. Stocking Up
Big data enables better inventory forecasting in retail. Harnessing data such as customer transactions, demographic data, buying patterns, and other customer information allows retailers to stock up and deliver the right products to the right channels and customers.
3. Product and Performance Improvement
With big data, retailers can collect information through loyalty programs, transaction records, and customer feedback. These information facilitate the retailer to improve product and performance and even identify new products.
4. Racing Ahead
Adopting a big data and analytics initiative can help retailers reduce fraud, gain customer loyalty, improve processes, and gain a competitive edge in today’s retail world.
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