Big Data in Retail: Opportunities and Challenges - Gaining competitive advantage through better understanding retailers’ business and IT priorities
Big Data in Retail: Opportunities and Challenges, report discusses retailers' Big Data and analytics related business and technology challenges, and provides a market forecast until 2020 by retail and IT segments. The report analyzes various approaches to analytics, data management and provides advice on how to generate value from data-driven solutions.
Big Data and Analytics provide substantial opportunities for retailers since they already have a wealth of data that can be used for analytics to optimize processes, increase sales and launch new services. Detailed customer profiles can be built on Big Data, cost savings achieved through supply chain efficiencies and superior customer experience offered, which can lift the brand image. Big data solutions allow that data from individual stores can be compared with figures and insight gathered from eCommerce operations, interactive customer apps and log data from systems and sensors across the organization. Social media and socio-economic data can also be integrated into the analysis, as well as input from warehouses and suppliers.
The fast-growing market for various Big Data and analytics solutions in retail provides hardware and software vendors, as well as cloud service providers, systems integrators, and consultancies with notable business opportunities
Most of the hardware innovations that are currently happening in retail such as various IoT solutions have an analytics element that helps to better understand customer behavior and market trends, and optimize various processes from warehouse management and staffing to store traffic and eCommerce websites
Retailers feel the pressure from competitors advancing in their usage of data for better targeting customers and look to improve their brand image, marketing efforts and operational efficiency
Reasons to buy
Gain insight into retailers' Big Data and analytics related priorities. This reports helps you to pitch Big Data and analytics solutions to retailers and understand how these are linked to key business systems, as well as the role that Big Data plays in innovative retail concepts.