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How Big Data Hadoop Changed the World of Retailing
In today’s digital world, the insights retrieved from big data can be used across multiple industries. Due to big data initiatives, on such industry that has gained more growth is the retail industry.
Whilst most retailers strategize to utilize big data, there is a lot of possibility to face challenges originating from the fact that their data seems to be located in silos. But thanks to Hadoop technology that has enabled retailers to combine all their data that helps them derive more powerful insights.
Below given are a few examples of many big data use cases in retail sector:
Nebulous and Fuzzy Matching: Usually most consumers are aware of their own expectations. When customers shop online, they have the ability to assess their options as per their convenience and hence, this can be a boon and bane for both customers and retailers. In some situations, the customers may think they know about their expectations, but they haven’t had the chance to assess their options to ensure this. In some situations, the retailer may not have the exact product the customer needs but may have an alternate option that would be just apt.
Fuzzy or unclear matching can help you get a solution at the last moment. The technique uses algorithmic process to exercise whether there is any match or relationship between different data.
Once the products have been matched, the retailers can use them to provide consumers with results that are close to their expectations. For example, airfare that is given on different days of the week then was described by the consumer, for the same price as well as destination. In case a vendor lacks the exact item the customer wants, both retailers and consumers benefit from having available option that closely matches the shopper’s specification.
Smart Merchandising: Shifting inventory is one of the topmost priorities of retailers. Big data can help in this effort by adding some insight to the online shopping procedure, specifically when it comes to those who do not fulfill their purchases.
For instance, one large retailer uses data analytics to get revenue from customers that leave their shopping carts before making any purchase. The retailer analyses this data gets the location of the consumers and cross checks that detail with inventory at the closest store.
If it’s what consumers is searching for is stocked at the closest location, the retailer would then plan to re-target the consumers. The system would calculate a discount that features a couple of things. First of all, it should incentivize the consumer to make the purchase and secondly even with the discount sale should be still profitable. The retailer then after emails the consumer with the discounted offer and if the consumer agrees to purchase it results in a win-win situation for both.
Fraud Detection as well as Prevention: By using retailer’s access to large amounts of data, it’s possible to know particular areas of fraud exposure. Retailers can use Hadoop to analyze the data from sales transactions, warehouse inventory, employee shift records, and accounts payable and sales predictions so as to prevent fraudulent transactions and help keep everything secure.
Inventory Forecasting: Another advantage of big data is the prowess to make inventory predictions more reliable. Earlier few data points meant the forecast was limited. Retailers a few years ago used to count on simple variables like the season or the month. At present, big data can churn out variables like promotional outcomes, trending topics, weather and more. The capability to make use of predictive analytics means that retailers can lower the amount of money spent holding stale inventory.
Now the emergence of big data has impacted almost every aspect of retailing and this has helped to improve the efficiency of virtually all aspects of retail functions. An increasing number of retailing companies are adopting to enterprise big data solution to boost sales, reduce fraud, improve existing process and get a competitive advantage.
So, enroll for Big Data Hadoop Training course today to decipher the world of retailing.
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