Big Data Analytics is the process of measuring a large number of data sets containing large and different types of data. This big data analytical process is being helpful in knowing various market trends, customer’s preferences and many other business related information. Many big retailers now appoint big analytics to get a fruitful result from their Retail business. To get the most effective result from Big Data Analytics the Retailers merges the structured data with the semi structured data
Goal or Motive:
The main motive of the big data analytics is to improve the business by collecting a large volume of transaction data as well as the data that are useful to meet the customer’s satisfaction level.
Benefits of Big Data Analytics:
- Led to more effective marketing.
- Help in knowing new revenue opportunity.
- Help in providing better customer service to satisfy their needs and demands.
- Improve operational benefits.
- Helps in implementing services that are far better from the rival companies.
How to Implement the Big Data Analytical Process?
Big data analytical process uses tools that are commonly used for advanced analytics processes like:
- Predictive analytics.
- Data mining.
- Text analytics.
- Statistical Analysis.
Mainstream Business Intelligence software’s (BI) can also be used in this data analytics method.
Some Retailers implementing the big data analytical system also now a day depends on the Hadoop clusters technology to collect huge amount of raw data. These raw data is being further been filtered and used for analytical warehouse. It may also be used by the hadoop software.
Pitfalls in Implementing the Data Analytical Process:
- Lack of internal analytical skills.
- High cost of hiring experienced analytical professionals.
The Benefits That the Retailers Are Being Experiencing from the Big Data Analytics Process
- Delivering information about individual shoppers; this big data analytics process helps the retailers to know their customers well. The retailers through this process can know their customers by their name, their shopping habits etc. The big data analytics process keeps a track about the last few purchase of the individual customers.
- Helps in guiding the customers to discover their associated products; The retailers by knowing the buying habits of the customers , knowing their daily needs and demands can guide them to make their shopping much more easy and smooth. This way the big data analytics process is useful for the retailers as well as the customers.
- Tracking and analyzing the shopper’s visit data in online retailing; with the help of this big data analytics process the retailers now with a click of mouse can measure the shopper’s behavior, the amount of time spent by the shoppers in each page. This helps the retailers to design their page layout, preparing their promotional messages keeping the customers need and demands on mind.
Big data analytics process thus is useful for both in-store retailing as well as for online retailing. This big data analytics blur the difference between online and physical marketing processes.
However, the Retailers also need to keep in mind that the Data Collection method for both physical and online retailing is different. This can be a matter of concern among all The physical retailing involve much more transparency in the data handling process, includes individual privacy concerns and also honor the individual customers preferences.