The retail industry has been threatened by changing customer demographics and preferences over the last decade. With the increase in the number of millennials entering the workforce and their purchasing power, marketers in the retail industry have been compelled to direct their efforts towards targeting this profitable customer segment. The retail companies have accessibility to large amounts of data that can be leveraged to gain customer insights by using big data analytics and other related advanced analytics services. The millennial population is tech-savvy, highly connected, and has high expectations regarding product quality and services. Several advanced data analytics tools are available that generate valuable insights that can help retail companies to customize their marketing strategies.
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Big Data Analytics: What’s The Problem?
Retail companies have realized the benefits of big data analytics and the impact it has on the organization’s bottom-line. But, why is the retail industry shying away from leveraging these advanced analytics solutions, you ask? Here’s why. Marketers are plagued with privacy and data security issues despite using top-notch data analytics services. The data collected by major businesses in the industry may be not worthwhile for third parties, but they still spend millions of dollars to collect this data and generate insights. Collectively, the retail industry players have the opinion that in spite of spending resources, they might not end with a feasible and fool-proof solution that can drive profitability.
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Leveraging Big Data and Advanced Analytics
Today, every organization generates vast amounts of data through various sources and touchpoints, which has made it essential to understand how to effectively leverage big data. Firstly, the retail companies must focus on capturing data from various sources such as mobile applications, social media platforms, website traffic, transaction history, and CRM platforms. Secondly, the companies in the retail industry must invest in an effective data management system that allows organizations to collate and store large amounts of data. Finally, the retail sector companies must ensure data integration – historical and present – to gain a holistic view of the retail industry landscape.