How Big Data and BI helping Retail Industry
Every industry in the world using Big Data & Business Intelligence for smart Decision Making on the massive scale which helps them to serve customers.
Big Data is the sets of data that are in volumes and complex that traditional data-processing application software cannot deal with them, while Business Intelligence (BI) comprises of the technologies, applications, and activities used to collect, integrate, analyze and present a business’s information or data.
By using technology, the buyer can search, analyze and choose products from any place at any point of time. During this processes, they are giving lots of unstructured data like searching relevant products, comparing with other substitutes, time zone, how frequently they are shopping, decision-making process etc. These unstructured Big Data can be processed to get some meaningful information which becomes an advantage to the companies/retailers to lead the market.
Big Data Analysis help Retail Industry to understand customer behavior and gives accurate info on top products on the chart, what are the customers’ expectations from the products, and what customers need next?
Here, Business Intelligence comes into play. BI analyze and processed the whole unstructured data and helps Retail Industry to take the smart decision at any point of time. It is very much useful in the retail Industry where profit margins are comparatively low. The BI provides the capabilities to the retailer to choose the right product to sell, to manage customer expectation, to decide the price, to manage the inventory, to select suitable suppliers and transport facility etc.
Business Intelligence helps the retail sector to improve sales, productivity, and minimizing functional value and give better understanding regarding their customers. Business Intelligence in the retail sector for product and promotions can generate more revenues for the companies and can extract meaningful knowledge from the bunch of information which results in the value. It helps businesses to forecast the potential market trends and the best allocation to each store from historical data.
Online shopping companies like Amazon & eBay using Business Intelligence for Smart Advertising. They keep the record of searches and purchases of a particular customer and according to that, they advertise their other products/offers to the customer. For example, a customer bought a new laptop from the website. The website will start showing offers related to hardware accessories such as a mouse, headphone etc. and also license version of Operating Systems and security software. If a customer didn’t purchase an item but just surfing it then it will show offers and discounts related to that products so the customer can get what he is searching for. For example, if you search any Business Management books on the website, they will come up with a top-selling business management books available on the site.
The future of Big Data and Business Intelligence is bright in the retail industry. Business Intelligence uses behavioral data to make enhanced products or advertising alternatives that are expected to line with sales records systems, internal financial systems, statement release systems, index and Internet client data systems, etc.