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Guest blog post by Sandeep Raut, director - BI & Analytics, Syntel.
All the industry leaders like Wal-Mart, Axa, Citibank, Humana, GE and several others are exploring how Big Data analytics can be used to better understand customer needs, pinpoint risk, improve marketing, enhance the customer experience, combat fraud, and drive profitability. Companies are seeking ways to rebuild their customer relationships in this time of extremely high customer expectations.
Retail industry is among the early adopters and innovative users of big data. But they have the challenge of tackling the huge data since 1970s when barcodes were first introduced to scan the products at POS. All sorts of supply chain data came into effect later in 1980-90s while RFID and other sources such as surveillance video cameras started sending humongous data to data centers recently. These have challenged Retailers to capture, store, cleanse & analyze all the data they collect.
Further to flood the data centers are consumer’s interaction with social media & internet which is generating billions of data points that can be measured via clicks, page views, time spent on per page and path traversed from landing to conversion.
Big data analytics is helping retailers to collect and analyze this fine grained shopper visit data and optimize page designs, placements and tailor promotional messages.
McKinsey report say that using big data analytics can raise the operating margins by as much as 60%
Some of the questions Retailers have are:
Customer:
Big data analytics provides the required ammunition & tools to accelerate growth, boost profits, control risks and meet regulatory & competitive demands.
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