how big data can be used in the retail industry?
Post on 15-Apr-2017
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USES OF BIG DATA IN RETAIL
What is Big Data?■Any voluminous amount
of structured, semi-structured and unstructured data that has the potential to be mined for information
■Large/complex data sets that traditional data processing applications cannot deal with
What is Big Data?■Often refers to the use of
■ Predictive analytics■ User behavior analytics■ Certain other advanced data analytics methods that
extract value from data
Big Data Overview
How is Retail Leveraging Big Data?■Changing how retailers approach customer
personalization and assortment planning■ Identifying product attribute drivers ■Collecting customer sentiment and social media data■Uncovering influential customers through social media■Analyzing loyalty programs to identify profitable
customers■Creating store clusters based on customer data
How is Retail Leveraging Big Data?■Recommendation Engines
■ Based on a customer’s purchase history, what is he/she likely to purchase next?
■Customer 360■ Customers expect companies to
■ Anticipate their needs■ Have the products wanted on-hand■ Communicate in real time (via social media)■ Adapt to their needs as they change
How is Retail Leveraging Big Data?■ Path to Purchase
■ Analyzing a purchase or the path to purchase
■ Price Optimization■ The right price on a product can mean
the difference between making a sale and losing a customer
■ Fraud Detection■ The use of predictive capabilities to
create a baseline sales forecast at the Stock Keeping Unit (SKU) level
■ If a product deviates noticeably outside of that range, it could indicate some fishy business
Future of Retail Using Big Data■Big Data and IoT
■ Stores will be enabled with sensors that detect a nearby shopper with the app on their phone or tablet
■ The app will deliver timely incentives and offers to help■ Turn over more products ■ Introduce shoppers to new
products that they were not aware of
Future of Retail Using Big Data■Big Data and social media
■ With better data analytics, retailers can filter out all of the useless noise and zero in on real data which applies to what they need to know■ Their customers■ Public perception of their
brands■ How people respond to their
products
Future of Retail Using Big Data■Big Data and pricing
■ Big Data can also be used to establish better pricing models like■ Would customers pay more if the
product included X feature? ■ Would the product sell more if
the price was $1 less?
Future of Retail Using Big Data■Big Data and supply chain
■ Determine the region where a new product is going to be the most/least popular and the best route to get more stock delivered there
Future of Retail Using Big Data■Big Data and store designs
■ Big Data can help with■ Product placement■ Display colors and styles■ Floor plans ■ Arrangements of cash registers ■ Staffing and scheduling
■ Some stores have improved revenue significantly by making minor adjustments to the layout of their retail stores
More Information ■ If you have an idea or want to innovate, contact us on:
www.extentia.com/contact-us
■Write to inquiries(at)extentia.com or call +91 20 6728 5200 (India)/+1-408-627-4094 (United States)
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