Impact of Data Analytics in Retail Industry

Abstract

In this era, retail market has grown to an extreme level where satisfying a customer’s need is of utmost importance for the survival of a retailer in the market as in the business. Hence, managing and processing the data to meet the customer’s expectation is very much crucial in order to run their business, promote growth as well profit-making. As the retail sector is in the fast run and for serving faster to the customers and clients, every business sector makes use of the big data, more specifically data analytics for almost every part of the retail activities such as tracking the trending products, monitoring the inventory level forecasting future sales, forecasting future demand and many such activities. Also it helps the retailers in working on how to promote themselves or their product to their targeted customers, what are the purchasing patterns of the buyers, what to sell next to their targeted customers by evaluating the customer behaviour as well their interests.<br>