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How Big Data can be used in the retail industry?

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How Big Data can be used in the retail industry?

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Big Data in Industry

Many believe that Big Data is a new asset which will help companies catapult others to become the best in class.

What is it about Big Data that is so appealing across industries? Simply, data is intertwined into every sector and function in the global economy and much of modern economic activity would not be able to take place without data.

Big Data relates to large meres of data which can be brought together and then analyzed to inform decision making and discern patterns. The insights which Big Data brings, will become the basis of competition and growth for companies worldwide through further enhancing productivity as well as generating significant value for the global economy by increasing the quality of goods and services.

Previous trends in IT investment and innovation such as cloud adoption and the impact of this on competitiveness and productivity can be mirrored by Big Data which serves as a crucial way for large companies to outperform their competition. Across industries, time-honored competitors and new entrants to the market will use data-driven strategies to compete, innovate and seize value. The knowledge that big data brings informs the creation of new services and the design of future products. In fact, some companies are using Big Data to conduct controlled experiments to inform better management decisions.

http://www.extentia.com/service/big-data

www.extentia.com/contact-us

Big Data in Industry

Many believe that Big Data is a new asset which will help companies catapult others to become the best in class.

What is it about Big Data that is so appealing across industries? Simply, data is intertwined into every sector and function in the global economy and much of modern economic activity would not be able to take place without data.

Big Data relates to large meres of data which can be brought together and then analyzed to inform decision making and discern patterns. The insights which Big Data brings, will become the basis of competition and growth for companies worldwide through further enhancing productivity as well as generating significant value for the global economy by increasing the quality of goods and services.

Previous trends in IT investment and innovation such as cloud adoption and the impact of this on competitiveness and productivity can be mirrored by Big Data which serves as a crucial way for large companies to outperform their competition. Across industries, time-honored competitors and new entrants to the market will use data-driven strategies to compete, innovate and seize value. The knowledge that big data brings informs the creation of new services and the design of future products. In fact, some companies are using Big Data to conduct controlled experiments to inform better management decisions.

http://www.extentia.com/service/big-data

www.extentia.com/contact-us

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How Big Data can be used in the retail industry?

  1. 1. USES OF BIG DATA IN RETAIL
  2. 2. 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
  3. 3. 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
  4. 4. Big Data Overview
  5. 5. 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
  6. 6. 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
  7. 7. 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
  8. 8. 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
  9. 9. 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
  10. 10. 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?
  11. 11. 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
  12. 12. 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
  13. 13. 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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