We live in a hyper-competitive retail space today, where the consumer is not shying away from comparing prices with competitors and posting reviews over the internet. In the past, retailers had to scout out customer information and data to improve their customer service. Now, the issues faced by many retail stores is the overload of information on their customers and looking for ways to make sense of it. A large volume of structured and unstructured data is floating around the web, predictive analytics in retail helps piece the puzzle together.
Big Data for Market Analysis in Retail Sector
To summarize, retailers cannot afford to ignore Big Data anymore. While it isn’t rocket science, there is patience and investment involved. Inciting ‘desired’ consumer behavior is not an impossible task since the data you need on them is already out there.
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