Advantages of Big Data Analytics in Retail Industry
Big data is getting a lot of interest from retail marketers these days. Retailers are looking for new ways to get more and more data for improving the marketing efforts into the business. Now, being a part of retail industry, you have to understand how to effectively utilize the advantages of big data to get better results for your business.
The total amount of data, keeps growing in retail industry every day. This data can be used for gaining more insights into the consumer behavior and improve the level of conversions. This image will show few goals for using big data in retail industry and how the goals are wrongly set in most of the cases.
Hence, it is important to set the correct goal before investing in big data. However, before that let us focus on advantages of big data first.
Advantages of Big Data Analytics
Easy and Cheaper Storage facility
Big data is becoming easier to store, with storage space becoming cheaper by the day. Now you can invest in big data storage on a large scale. Managing the data effectively and making it useful for analytics is the core focus for retailers at this point. The spend on business intelligence and infrastructure is going to grow, going forward.
Data available from every device
The increasing number of devices such as mobile phones and tablets have increased the amount of data that is being created. Every level of customer interaction is recorded in big data for retail. The purchase history of each and every customer can be observed and this can be analyzed to understand what all he prefers to purchase and when. The volume of data is very large and this has to be segregated to be made more useful.
Improved Level of Personalization
Understanding the exact preferences of the consumer is now possible with big data. The return on investment shoots up considerably with increased personalization for the consumer. Since consumers are interested in offers and discounts, they do-not find it a problem to share their personal details. Analytics can now be done on real time basis the best suited offers can be provided to the customer, based on business intelligence.
Finding the most profitable customers is one of the most challenging aspects in retail. Making sure that the most important customers are given the kind of attention they deserve is a must. This is one of the major advantages of big data that it enables you make proper customer segmentation in place, so that you can provide the relevant offers to those customers.
Right people, right time
Big data needs to be used effectively to reach the right set of people with the right messaging. Big data makes use of very specific audiences to bring out the best conversion rate for a retail business. Many retail marketers fail to bring out the right results for the business because of lack of understanding of how to make the data usable and how to analyze it. Technology has to be fully prepared and used for big data usage and integration.
The Internet Of Things & big data
On of the most popular and recent trends in big data that is helping the retail industry driving consumer engagement is Internet of Things. The IoT devices can be easily connected with the in data systems to generate data about consumer behavior and actions. The IoT technology has been a boon for retail in making it easier to gather customer data.
Read More: Internet of Things, Are You Ready?
The bottom line
Big data not only helps you to understand your customers, but also generates real revenue from the analysis. A thorough research with big data can bring the wow factor for your customers that you have been looking for a long time.
Hence, now you know the advantages of big data analytics in retail industry. However, it is not easy to manage such a large amount of data. You might need dedicated Hadoop developers from a reputed company. ValueCoders can help you in that with the following advantages.
1. Zero billing guarantee
2. Pro-level Teams
3. Guaranteed SLAs
4. Flexible Hiring Models
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