How Big Data can be used in the retail industry?

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Information about How Big Data can be used in the retail industry?

Published on January 5, 2017

Author: Extentia_IT

Source: slideshare.net

1. USES OF BIG DATA IN RETAIL

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. 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. Big Data Overview

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. 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. 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. 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. 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. 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. 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. 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. 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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