Impact Of Big Data In Retail
The “Big Data” is a buzzing word which you might have lately heard a lot. But, still, the actual impact and potential of the Big Data isn’t fully discovered. As big data means the jumbo collection of the data, which can be used in any way you like. Such as data can be used in financial analysis, market trends and behavior of the customer’s.
According to IBM, 62% of retailers report that the use of big data is giving them a serious competitive advantage. In short, big data can do magic in the retail industry where knowing right data can change the game. Don’t believe us that mere few figures and numbers can change the dynamics of the retail business, then let’s take few live examples.
# Macy’s – The Traditional Department Store
Macy’s upscale store has been serving their loyal customers since 1858 and has been thriving in the market due to their exceptional customer’s service. The store may be old, but they understand the value of digital marketing very soon and thus adopted it in their functioning.
The store gathers data on different points like price promotion and stock level, and then use combined data to satisfy their customers. This brand uses data to make a list of their loyal customers and accordingly offers them a discount and gift vouchers from time to time. They also keep a tab on the customer’s preference and style, so that they can offer desired products to them.
This brand has big ambitions from the big data. As earlier company suffers 2.4% downfall in the sale which results in shutting down of 1100 Kohl stores. So, the company designed a new strategy where they have invested $2 billion in technology and big data.
They want to offer a personalized online shopping experience to their customers. As by using the customer’s data they want to offer tailor-made campaign and offers to them. So, to overcome theirs loses Kohl’s decided to take the help of digital marketing and big data.
# Mall of America
The Mall of America is located in Bloomington, Minnesota. And, it is recorded as the largest shopping mall in northern America. It has 520 retailers, 50 restaurants, 14 movie theaters, 2 hotels, an indoor theme park and a museum. So, due to the grandness of mall, it is difficult for people to navigate places.
That’s why IBM has provided chatbot named E.L.F to the mall. The chatbot will create itineraries according to the customers’ needs so that they can easily roam in the mall. This chatbot is available via Facebook, web browser or kiosks in the Mall of America.
This luxury store closely observes your Pinterest pins and follow the trends on the Pinterest. And, the products which are trending on the Pinterest is then promoted in the Nordstrom store. This store has huge believe in big data and social media that they spend over 30% of their annual budget on the technology.
So, people, now there isn’t an ounce of doubt left that the retail industry needs data to sustain. Which means they want good data scientists to collect the user data. So, quickly learn the Machine Learning and Data Engineering from the LearnCodeOnline experts and revamp retail industry with your data collecting skills.