Big Data in Retail - Examples in Action
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big data, big opportunities:
retail industry
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It is the busiest shopping time of the year
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and one video game is flying off the shelves.
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In the past, storesthat reacted to this demand the fastest...
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had the advantage.
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But today, top retailers are using
BIG DATAto gain a competitive advantage
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Predicting trendsPredicting trends
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and preparing for future demand.
Predicting trends and preparing for future demand.
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BestMart wants to become the sales leader for video games this season.
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Their work started months ago...
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First, BestMart needs to predict the hot gaming item for this season.
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Big data analytics combines enterprise data with other relevant information
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to create predictive models of trends.
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BestMart also uses big data to predictareas where demand would be greatest.
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Now they can stock up and deliver the right number of games to the right channels.
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Then, big data insights can provide the base for price optimization models.
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Real-time analytics help BestMart synchronize prices hourly with demand,
inventory and the competition.
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Next, BestMart wants to pinpoint the customers who will likely buy this game
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by segmenting customers according to expected buying behavior
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contacting them as they wish to be reached
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when they are in the right location
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and engaging them with personalized real-time offers.
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Finally, BestMart wants to know what other items customers would likely
purchase with this game.
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Big data performs deeper analytics on all data
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to find meaningful patterns and hidden insights.
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BestMart uses this insight to create an exclusive console and game bundle.
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Ultimately, retailers using big data technology
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are able to provide a smarter shopping experience
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to influence purchase decisions
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and edge out the competition.
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Learn more about big data at IBMbigdatahub.com