What and resolution from large data using powerful tools

 

 

 

 

 

 

 

What
are  Retailer chains Getting Using Big
data Analytics..??

Manikanta
 Jannu

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                               Wilmington
University

                                       Sub :
8101

 

 

 

 

 

 

Introduction

With
the evolving of digital technology, there has been a plenty of operational
changes in the retail sector .Retail organizations tend to generate a massive amounts,
and are strangely not many retailers are implementing the big data.  When comparing to the past never we have seen
such a tectonic shift in the behavior of consumer shopping and their preferences,
and now it have become imperative for the retailers and the brands to adapt and
respond. Implementing such strategic based investments across various multiple
areas of a business would help in providing required solutions based on agile
and dynamic, and this would in fact help in serving business better.

With
the approach of big data there will be more information driven methodologies
for organizations that would communicate with the consumers. With the end goal
that Ecommerce merchants/organizations, can analyze huge data (Big Data)
produced from Electronic Information Interchange (EDI), keeping in mind the end
goal to increase better comprehension of shopper conduct. Such novel understanding
can be connected to enhance client benefit, manage business methodology, and
give democratized administrations to clients (Ann, 2016,p.1).

                                                            What is
Big Data?

Big
Data is huge information which would help the enterprises to obtain various tie-ups
and resolution from large data using powerful tools to extract the conclusions
from both systematic as well as nonsystematic data in order to provide
insights. This would also provide a reliable vision and also an enormous
opportunity to the enterprises.

                                                           

Problem
Statement

Winning
in retail sales would only be a game of success for few companies. Most of the
retailers tends to gain lesser margin  ,
so maintaining a track of the overhead as well as  delivery costs would generally help any
organization in enhancing their profits. Finding new techniques to attract and
enhancing the loyalty is said to be primary factor. Big data is the one which
would be an answer. (Ann, 2016,p.1).

Data
driven based on customer insights have become very critical in tackling
challenges like improving customer conversion rates, and personalizing various
campaigns to enhance the revenue or avoiding the customer churn. But based on
today’s generation customers tend to interact with various multiple
interactions sources like mobile, social media etc. This would increase the
complexity of various data types.

Example: Amazon

The
ecommerce giant Amazon has more than 200 million customer accounts , data is
the lifeblood of amazon and hence its major challenge is to ensure that it is
doing something special for their customer through various optimizations and
targeted marketing. In food segment , Amazon has shook the whole foods stores
in various ways , in order to expect variety or products within each store  to shrink , but the online selection needs to
increase. In order to support such a transformation, amazon needs to rely on
big data and analytics.  Amazon the
world’s largest electronic commerce based company is now a massive adopter of
big data. When a particular user browses a particular website, based on their
searching pattern, Amazon would be sending recommendations based on the similar
products or based on the algorithm prediction.

 

Amazon wanted to fulfill the order quickly, and
at the same time wanted to link manufacturers and track their inventory. Big
data  has actually helped in any ways in
resolving  this issue , and choosing the
closest warehouse based on the vendor is one of its solution and also this
would in fact reduce the customer costs by 10 to 40 % (Anderson, 2017, p.1).

Figure1:
Benefits of Big Data Analysis to Businesses

How
Big Data is transforming the retail industry

The
acquisition of big data analytics has in fact helped retailers to better
translate their potential customers. This is a cost effective method which would
help both online as well as offline retailers to effectively target their
audience as well as upgrade their supply chain based operations. The retail
business has made considerable progress and this examination helped them to
distinguish their clients as well as know their clients back to front.
Utilizing the quick changing advanced world, retail enterprises are presently
ready to snatch a more profound knowledge utilizing enormous information
examination. This is just conceivable in the event that you have the suitable
devices, an impeccable procedure, and labor who can separate most advantages
from the Big Data Analytics (Uyoyo, 2017, p.1).

Conclusion

For
retail companies to maintain a competitive edge for an accelerating market
place, it has become mandatory for all the retailers to seek proactive methods
for developing new as well as extensive data sources in various innovative
ways. In order to fully use all the data, various retailers has decided to
combine their data together through various source systems like big data.

Some of the big data based applications includes
many, and some of them are click stream analytics, data warehousing,
any fraud detection processing are done through cloud based computing.
Companies may tend to gain benefit from AWS by analyzing customer demographics
and other relevant information to effective cross sell the products which are
similar to Amazon (Erin, 2017,p.1).

 

 

 

 

 

 

 

 

Reference:

Ann, (2016). How Amazon Uses Its Own Cloud to Process Vast,
Multidimensional Datasets.

. Retrieved from,https://dzone.com/articles/big-data-analytics-delivering-business-value-at-am

Anderson,
E.(2017). How
Amazon Will Use Analytics to Shake Up The Supermarket Industry

.Retrieved
from,https://www.forbes.com/sites/forbesleadershipforum/2017/09/06/how-amazon-will-use-analytics-to-shake-up-the-supermarket-industry/#45371eee5be9

Erin,
H (2017). Five Big Data Use Cases for Retail.

.
Retrieved from, https://www.datameer.com/company/datameer-blog/five-big-data-use-cases-retail/

Uyoyo, E.(2017). Big
Data Analytics and its Application in E-Commerce . Retrieved from,https://www.researchgate.net/profile/Uyoyo_Edosio/publication/264129339_Big_Data_Analytics_and_its_Application_in_E-Commerce/links/53cf8ef30cf2f7e53cf811e0/Big-Data-Analytics-and-its-Application-in-E-Commerce.pdf

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