Saturday, August 12, 2017

Big Data provides some key transformations and opportunities for retail businesses to improve ROI and reduce costs. Some of the key elements that can benefit a retail business include:

  • Customer loyalty programs: Big Data with its capability to analyze huge capacity of data in different forms structured or unstructured offers retailers an opportunity to utilize instantaneous recommendations and advertisements for customers during the sales cycle. An excellent example being online retailers like Amazon who derive a considerable percent of their revenues through recommendations. Big Data also utilizes dormant assets like shop floor videos to improve shop floor design and customer conversions.

 

  • Advanced inventory management and price modifications: Based on the local or global trends, weather emergencies and supply chain availability, Big Data helps retailers optimize inventory, minimize inefficiencies and manage price changes across stores in different geographies to avoid stock outs or product overflows.

 

  • Real Time Delivery management: With advanced Big Data solutions, delivery of goods has become far more transparent and easier. Real time delivery management solutions analyze weather, location, route adopted by the trucks and whether the box has been opened or not. This enables retailers to keep real time information of their goods especially important when it comes to fragile or highly perishable goods.

 

  • In-store analytics: Traditionally retailers deliver promotions and advertisements through offline mediums like brochures, newspaper ads, emails or vouchers which have low conversion rates and are harder to track. Big Data helps retailers digitize these initiatives and improve measurement of conversions by offering relevant offers on the POS and mobile checkouts thus improving conversions as well.