A study on using big data analytics to advance in retail sector with specific reference to retail analytics

Management Studies

The ability to optimize corporate processes while meeting customer expectations is more crucial than ever as the retail sector becomes extremely competitive. Therefore, it is imperative to manage and channel data in order to strive toward customer satisfaction as well as generate healthy earnings in order to survive and thrive. Big data analytics, or rather data, is now being applied at every step of the retail process for big retail players both internationally and in India. Examples include tracking newly popular products, forecasting sales and demand through predictive simulation, optimizing product placements and offers through customer heat-mapping, and many more. Along with this, the core of data analytics consists of identifying the customers who are most likely to be interested in specific product types based on their prior purchase behaviors, figuring out the best way to approach them through targeted marketing initiatives, and finally figuring out what to sell them next. Data analysis has become an important field of study for both practitioners and researchers due to the recent emergence of big data and its 3Vs (Volume, Variety, and Velocity), which reflect the significance and impact of data-related issues that need to be solved in business organizations, including the retail sector. In order to assess how Big Data will affect the retail business, this study meticulously defined and examined four factors: the data source, the data analysis tools, the financial and economic effects, and data security and privacy. This study examines the effects of big data analysis on retail businesses that employ the so-called data-driven decision-making (DDD) strategy, which uses data and business analytics to inform decisions. The most recent discovery is that the retail industry's data analysis tools strongly supported the financial and economic outcome and had a direct association with it. A survey of various business practices and information technology expenditures by retail firms was used to gather data for the study. This study is the outcome of a descriptive investigation on the past, present, and potential uses of company analytics in the retail sector for developing effective advertising strategies.

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.