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Major Reasons why Businesses Must Invest in Big Data Analytics
Businesses discovered through predictive analysis that when the price of a product is gradually decreased from the time demand subsides, demand increases again.
Fremont, CA: With easy access to customer profiles, transaction data, and social media metrics, businesses can boost intelligence that can help optimize prices, predict changes in demand, and increase returns on investment.
Major Reasons Why Retail Businesses Should Invest in Big Data Analytics
Optimization of Price
Predictive analysis is extremely useful in predicting the rise and fall of demand.
Businesses discovered through predictive analysis that when the price of a product is gradually decreased from the time demand subsides, call for increases again.
Walmart has invested in the world's biggest private cloud network in order to track millions of transactions in real-time every day.
Trend Prediction in the Market
Most brands have end-of-season or holiday sales because they have data to back up their worthiness.
Marketers use sentiment analysis to help them analyze market sentiment.
Data is collected by sophisticated machine learning algorithms, which can even predict the top-selling products in a specific category.
Profitable Store Locations
Data analytics assists retailers in determining where people spend the majority of their time.
Analytics also provides information on the standard of living, demographics, and market conditions.
This greatly aids in the selection of areas suitable for operating their retail outlet and attracting the greatest number of customers.
Targeted Communication to Customers
Personalization of services distinguishes businesses from their competitors. Retail companies can track data at all steps of the purchasing process with the help of data analytics.
They also record the customer's previous purchases. This data enables personalized communication with the customer, which is 20 percent more effective than traditional marketing.
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