"We want to know what every product in the world is. We want to know who every person in the world is. And we want to have the ability to connect them together in a transaction."
Data Science and Big Data can help a retail organisation meet the demands of modern customers who expect retailers to understand their needs entirely. With huge amounts of customer tracking data, from buying habits to loyalty schemes, Data Analytics can be harnessed by retailers in several ways.
Customer and product segmentation allows retailers to customise advertisements and promotions to specific target groups and in doing so reduce the burden on their marketing budget. It is also possible to improve the efficiency of a store through improved product placement recommended through Data Analytics.
Trend prediction is another powerful tool available to retailers. Knowing what will be a best-selling product can have huge implications when it comes to profitability.
For online retailers the data available is even more in depth, analysing this data correctly can allow a company to make use of Recommender systems to give their customers a more tailored online experience and increase upselling in the process.
Improve Understanding of Customers
Predict Trends Earlier
Employ Recommender Systems
Leverage Customer Churn Analysis