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How Big Data Impact the Retail Industry?

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Today, almost every business is going to the internet. It’s an era of retail marketing when we are sure the customer needs are changing and so much is expected from the market to beat the competition. Manufacturers, services, and the products are supposed to meet the changing customer needs and to understand it better, you, first of all, have to determine what customers need. 

Recent studies show that customers are only accepting personalized services and products. What this means is that customers need personalized services more than anything else. 

What the Big data it is?

Today everyone is talking about the Big data, but very few people understand what it is. Big data is defined as the ability to collect and analyze information that you know is very relevant in all aspects of life. The other application of big data is in all the fields right now. It has brought great convenience to both the customers and the business.

The big data is now showing its ever-increasing capacities, velocity, volume, variability and intricacy of the information.

  • Volume-The data is collected in very many ways and from different sources. The sources include business transactions, internal operational data, information e-Business, and social media. It shows that significant volumes of data are being collected each day.
  • Velocity-The fact remains that big data involves perception, transmission and intensive decision-making.
  • Variety-You will find data in all sorts of formats
  • Variability-There’s increasing velocities and variability of data but also data flow is very critical.
  • Complexity-Data will come from all kinds of sources, which makes it very complicated to analyze than the traditional analysis methods.  

Why is Big data important?

Customers today tend to have higher requirements for personalized and customized products and services. It means that the enterprises have to dig out all the needs in the market based on the big data. So, it’s crucial to re-establish a practical analysis theory.

In simple terms, big data acts like an ingredient or a raw material and also an essential element. So it is not only necessary how much data you have but how you combine that with an integrated marketing strategy.

Big data has high value in 5 areas which are:

  • Broad accessibility of data and high transparency
  • Huge changes in how you make decisions-This comes in with the use of controlled experiments to validate assumptions and analyze results.
  • Application to the real-time user customization and relevant impact on the enterprises
  • Changes in the management system
  • The last is building a data-based business model

Applications of Big data

Big data has many uses, with most of them being in the retail industry. We can see that Big data can help retail enterprises to improve themselves in the below aspects.

  • An exemplary shopping experience
  • Having a smart commodity management and supply chain network
  • Understand smart operations

A good example is the P&G HC smart vending machine that are produced by One Plus Displays Products. It is a very interactive display container that has the below functions.

  • Data statistics-collect the pass, stay and receive data flow from the passages and utilize it to follow up clienteles.
  • Data collection-Get information about the customer’s age, gender, smile and many other things. Each face will have unique numbers. The customers most probably will fill out a sample and the raw data will enable the retailer and the brands to learn deep and continue with big data analysis.
  • Experience-the customers get experience through interactive experience and video advertising.
  • Consumer Drainage-The customers get a guide to register as members and give out product samples. To customers. The customers will also be encouraged to try the products.
  • Coupons-The retailer giving coupons and other promo codes to help boost sales and, at the same time, improve conversion rate.
  • Notifications-You knows when the registered customers come to the stores for gifts because the system will provide this member’s behavior data to the NC of the store.

With that in mind, it’s easy to realize that technologies work together to enhance operational efficiencies and, at the same time, provide sales uplift and appreciated data. Many innovative brands in the retail industry have already benefited from big data. A good example is P&G, Mars Wrigley and Tmall Store.

There’s a lot from One Plus Displays Products that have been providing intelligent in for many brand’s offline stores. If you are looking for a retail store digital shelf display manufacturer, then One Plus will always be with you.  

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Arifur Rahman He is a professional SEO specialist & a freelance writer with a lot of passion to write about technology, startups, travel, lifestyle & other niches. He owns many websites. He has contributed to many famous websites. He lives, breathes digital marketing, and helped many companies to grow their business. His main goal is to spread his knowledge that he grabbed in many years and ideas to all generations. Keep connected with him on Linkdin
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