Believe it or not, one of the hottest markets for big data analytics is the retail industry. Since competition is heavy, you’ll definitely do everything in your power to get ahead of the others. It would be a great idea to pull data streams from inventory, sales, revenue and others. Here are some uses of big data for retail companies:
When someone places an order, real-time data can be used to track where exactly the order currently is. This is to make sure the customer receives the item on time. Besides, you would not want customers to complain non-stop about not receiving their orders yet. That would certainly damage the reputation of your company.
Improving Store Layout
Once your store finds out which items are the best-selling ones, it can move the items to a place near the entrance. After all, you would not want customers to have a hard time looking for your best-selling items. This could result in your company to make coupons that will make customers buy the items that are not that popular.
One way to establish future strategies is to determine customer behaviour and that can’t be possible without the help of big data. Imagine analyzing the purchase history and social media shares of each customer thanks to the help of big data.
There’s no doubt all retail companies need big data to improve operations. Without it, you’ll immediately get left behind by your competitors.