Retail industry has been one of the frontrunners in the adoption of big data analytics. Last year cloud based service was the most promising trend. The year end results showed enormous increase of sales particularly after the shopping seasons that gathered more online traffic. Even the sales of mobile devices and accessories showed uptrend of sales. 2014 was an exhilarating year in retail. Retail business decision-makers are recognizing the value of data and retail analytics.
Mobile payment and apps that provide cashless capability began to creep in .The ubiquitous connectedness of mobile devices by the customers became the benchmark for the retailers to construct strategies that gain boosts their sales and was consecutively passed to the next year. The year 2015 showed remarkable growth trend particularly in online and retail sales. Retail Analytics is going to be used for — studying customers; analysis of transactional data and for predictive modelling that tracked their prime customers, their locations, their lifestyle, socio-economic environment.
The upliftment of retail analytics in the latter year showed majority of consumers purchasing online and only minimal number of customers going for brick and mortar stores. The mobile payment capabilities showed an exponential hype as retailers began to dispose apps with capabilities similar to Starbucks, though cash is still accepted at many retailers. The major trends of 2015 counted in the adoption of dynamic pricing through customer preferences, adopted data-enabled insights and analytics best practices at the same time based on the enterprise performance metrics. The big data and analytics enable retailers to focus more on targeted customers through email messages that triggers the customers to respond. The concept of minimal inventory and fast delivery gained momentum. So retailers employed advanced data analytics to ensure that their inventory is strategically placed. With the increasing customer traffic for online purchasing and selling the mobile strategy became the smash hit of the year. The trend of basket analysis has opened many outlets to provide better customer services. Retail Analytics has bought a tremendous change in how customer data is managed and used to proactively meet consumer needs.
