USES OF BIG DATA IN RETAIL

What is Big Data?■Any voluminous amount

of structured, semi-structured and unstructured data that has the potential to be mined for information

■Large/complex data sets that traditional data processing applications cannot deal with

What is Big Data?■Often refers to the use of

■ Predictive analytics■ User behavior analytics■ Certain other advanced data analytics methods that

extract value from data

Big Data Overview

How is Retail Leveraging Big Data?■Changing how retailers approach customer

personalization and assortment planning■ Identifying product attribute drivers ■Collecting customer sentiment and social media data■Uncovering influential customers through social media■Analyzing loyalty programs to identify profitable

customers■Creating store clusters based on customer data

How is Retail Leveraging Big Data?■Recommendation Engines

■ Based on a customer’s purchase history, what is he/she likely to purchase next?

■Customer 360■ Customers expect companies to

■ Anticipate their needs■ Have the products wanted on-hand■ Communicate in real time (via social media)■ Adapt to their needs as they change

How is Retail Leveraging Big Data?■ Path to Purchase

■ Analyzing a purchase or the path to purchase

■ Price Optimization■ The right price on a product can mean

the difference between making a sale and losing a customer

■ Fraud Detection■ The use of predictive capabilities to

create a baseline sales forecast at the Stock Keeping Unit (SKU) level

■ If a product deviates noticeably outside of that range, it could indicate some fishy business

Future of Retail Using Big Data■Big Data and IoT

■ Stores will be enabled with sensors that detect a nearby shopper with the app on their phone or tablet

■ The app will deliver timely incentives and offers to help■ Turn over more products ■ Introduce shoppers to new

products that they were not aware of

Future of Retail Using Big Data■Big Data and social media

■ With better data analytics, retailers can filter out all of the useless noise and zero in on real data which applies to what they need to know■ Their customers■ Public perception of their

brands■ How people respond to their

products

Future of Retail Using Big Data■Big Data and pricing

■ Big Data can also be used to establish better pricing models like■ Would customers pay more if the

product included X feature? ■ Would the product sell more if

the price was $1 less?

Future of Retail Using Big Data■Big Data and supply chain

■ Determine the region where a new product is going to be the most/least popular and the best route to get more stock delivered there

Future of Retail Using Big Data■Big Data and store designs

■ Big Data can help with■ Product placement■ Display colors and styles■ Floor plans ■ Arrangements of cash registers ■ Staffing and scheduling

■ Some stores have improved revenue significantly by making minor adjustments to the layout of their retail stores

More Information ■ If you have an idea or want to innovate, contact us on:

www.extentia.com/contact-us

■Write to inquiries(at)extentia.com or call +91 20 6728 5200 (India)/+1-408-627-4094 (United States)