Big Data – Benefiting the Retail Business

Big Data – Benefiting the Retail Business

Optimizing the supply chains, streamlining the operations, improving business strategies, and generating revenue is the key to retail business. Data is the source and the asset for any retail business. From the cloud,  tracking the activity of a customer is possible. It’s inclusive of age, geographical location, birthday, or anniversary. Big data that is cloud-based,  is acclimatized by the retailer with the increasing products and the customer base.

Big data gives round the globe tour, concerning the customer details. Also gives a clear picture of price slash as per product availability. The back office, which is the major point of contact,  can be streamlined, with the assessment of big data. Customer care services can be made more efficient by assessing the stored up calls using big data. The brands influence the customer with the details pooled from the big data. The data stored from coupons used, from the type of frequent buy or the purchase intervals,  are put together. Once put together the database will generate the offers that would attract the customer.

The pricing of products is not only decided by the quality of the product. It also depends on the facts like the geographical location of the customer, purchase habits, and previous spending. The price is decided considering all the factors and also not to forget these days it’s the trend more than the liking. Using the big data the companies also run the segment-wise offers and see the reactions and purchase patterns of the customer. Such kind of activity helps the retailers to stand ahead in the competition.

During the festival or during the change of season the surge is high. Customers raising requests increase and meanwhile the queries and concerns increase as well. To resolve the same a well equipped back office is necessary. Supply chain and product distribution can be monitored effectively. A retail chain with a vast customer service desk must adapt the data. The calls that are on top priority can be pooled and addressed. Since the storage available is huge, every call can be recorded in the name of the quality check.

During the peak season, big data also helps in fraud detection. Any deviation from the available stored data of the frequent customers is, immediately, highlighted, and addressed. The buying and selling rates are made flexible based on the data collected from the stored up data. The merger of customer data, transactions, tracking the delivery, quality control, and customer service under one roof is possible with data.

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