The game changing technology- big data has gone mainstream that collect, organize and get value out of the overwhelming amount of data on-the-fly. Retail industry is taking maximum advantage of this technology to better tune their services according to customer’s needs. To know more about the benefits of adopting big data in retail industry, click here.
According to McKinsey reports, “Retailers are using big data to improve operations across the board, including merchandising, marketing, e-commerce and multichannel, supply chain, and store management, and operations.”
The simple and fast way to identify the valuable opportunities and start with customer decision journey enabled leading E-commerce retailers to hit the wall. These online retailers set the great example before the retail market and achieved tremendous growth by counting on big data analytics.
Take a glance at the success story of all those Ecommerce stores:
The leading retailer has optimized its store against fraud detection and in the favor of data-driven recommendations, personalized messages and dynamic pricing with the implementation of big data analytics. Just after the six months of integration of big data, the credit/debit card fraud detection system has reduced fraudulent activities by 50%. Furthermore, to respond the competitive market effectively, Amazon changes the price after every 2 minutes, while other retailers modify the product’s price after three months.
The USA based office items supplies retailer handle 10 millions of transactions every week that’s extremely taxing to handle. Leveraging big data and Hadoop technology, every week the millions of transaction data generating across 1100 retail outlets in the USA is processed and daily/weekly sales is predicted. The data analysis enabled Staples to launch targeted marketing campaigns. The upshot is marketing campaigns costs get slashed by 25% after using retail analytics.
The multinational retailer needs no introduction as the brand is already known for embracing cutting-edge technologies to upsurge its product or services offered. To better launch personalized marketing campaigns, Tesco incorporated big data technology in its existing system where 80% of sales was tracked just through ClubCard. The customized emailing of coupons or vouchers worked as the coupon redemption shot up from 3% to 70%.
Plus, the predictive analysis of combined historical sales and weather data improved the stock-keeping system that saved 100 million pounds of Tesco in stock that otherwise would have ruined.
The American pharmacy retailer with over 9600 stores help people live healthier lives through refill prescriptions, wellness products, and medicines. There was discrepancy among the items within the store, ordered or sold because of the poor inventory management.
After tracking the product movements in the inventory with big data by analyzing nearly 160 key indicators resulted in less frauds and efficient inventory management. Moreover, the company get to know which type of marketing campaigns brought success/failure.
The food retail division of Britain’s largest retailer sell quality groceries and a range of wines. The products the e-retailer sell, their demand varies as per the season, occasion or festival, but it was not considered before as it was difficult for the Waitrose to seek out what customers want. Integrating big data analytics solution in the E-store, by collaboration with Ecommerce development company, the retailer get to know the demands at store-level and forecast what product they have to kept in stock when it will be in the requirement. The processes replenishment leads to reduction in order changes by 40%.
The last word:
The frontrunners have used competitive strategies and technology to improve customer satisfaction, sales volume and bottom-line profits. Harnessing big data services and solutions, you can address the issues the retail empire is facing. Garner the success that leading retailers get by selling what customer demands leveraging big data management services.