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Role of Big Data in Retail Supply Chain
Big data has become a fundamental tool for almost all the facets of the business world. There is no surprise that the retail industry is also jumping on the big data bandwagon. In the retail industry analytics is used at each and every stage of the business. This increased precision in supply chain and the competence into retail stores efficiently deals with supply chain threats and risks through real-time monitoring and alerts, and scans supply chain financial sustainability through predictive financial analytics. Also, big data analytics further allows for real-time vendor management through distinct key performance indicators, be it packaging vendors, transportation, logistics or drop ship vendors.
With the onset of big data, retailers are however finding it easy to predict, analyze and understand their customers’ behavior wisely and makes effort to take future decisions on what will work best for their store and how they can boost their sales. Big data analyzes what the customers usually have in their bucket list and their favorites and then predicts what the customer will buy next time. Now in many stores, every customer is provided a guest ID number which is interlinked to their bank account details or debit or credit card so that retailers are able to have a glance at that customer’s buying habits. From those buying habits, the retail stores can conclude a lot about a customer like their lifestyle and interests.
Whilst online shopping makes analytics more easier for the retailer, with the ability to scroll and be able to see everything—like the trending items—with a click of the button and add to their cart instantly. The presence of big data helps retailers in creating vibrant trends around their products at store.