Big Data in Retail Industry


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How today top retailers use big data to gain a competitive advantage? In US, BestMart wants to become the sales leader for video games in hot season. The big data he used combines enterprise data with other relevant information like web browsing patterns in their store, Social Media Sentiment, Gaming Industry Advertising Buys, etc. He uses these data to predict trends and prepare for future demand. Best Mart also use big data to predict the area where demand would be greatest so that the stores can stock up and deliver the right no. of games to the right channels.

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Big Data in Retail Industry

  1. 1. big data, big opportunities:retail industry
  2. 2. It is the busiest shopping time of the year
  3. 3. and one video game is flyingoff the shelves.
  4. 4. In the past, storesthat reacted to thisdemand the fastest...
  5. 5. had the advantage.
  6. 6. But today, top retailers are usingBIG DATAto gain a competitive advantage
  7. 7. Predicting trendsedicting trends
  8. 8. and preparing for future demand.edicting trends and preparing for future dema
  9. 9. BestMart wants to become the salesleader for video games this season.
  10. 10. Their work startedmonths ago...
  11. 11. First, BestMart needs to predict thehot gaming item for this season.
  12. 12. Big data analytics combines enterprisedata with other relevant information
  13. 13. to create predictive models of trends.
  14. 14. BestMart also uses big data to predictareas where demand would be greatest.
  15. 15. Now they can stock up anddeliver the right number ofgames to the right channels.
  16. 16. Then, big data insights can providethe base for price optimization models.
  17. 17. Real-time analytics help BestMartsynchronize prices hourly with demand,inventory and the competition.
  18. 18. Next, BestMart wants to pinpoint thecustomers who will likely buy this game
  19. 19. by segmenting customers accordingto expected buying behavior
  20. 20. contacting them as they wish to bereached
  21. 21. when they are in the right location
  22. 22. and engaging them withpersonalized real-time offers.
  23. 23. Finally, BestMart wants to know whatother items customers would likelypurchase with this game.
  24. 24. Big data performs deeper analytics onall data
  25. 25. to find meaningful patterns andhidden insights.
  26. 26. BestMart uses this insight to create anexclusive console and game bundle.
  27. 27. Ultimately, retailers using big data technology
  28. 28. are able to provide a smarter shoppingexperience
  29. 29. to influence purchase decisions
  30. 30. and edge out the competition.
  31. 31. Learn more about big data