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BIG DATA IN RETAIL THE KEY TO COMPETITIVE EDGE www.spiralmantra.com sales@spiralmantra.com
Big Data in retail creates an opportunity for understanding consumer behavior and attracting new customers. This way, retail industry players can craft specialized customer recommendations, also improving customer service. Kaushik Upadhyay Director of Spiral Mantra
Understanding Big Data in retail starts with the three V’s of data Volume – Retail handles vast amounts of data, which is crucial for a proper analysis and meaningful business decisions. Variety – Retail data comes in various forms from multiple sources, from traditional transactions to social media insights. Velocity – The faster data is retrieved and collected; the better real-time data analysis process will execute.
Three V’s of Big Data in Retail Volume – Retail handles vast amounts of data, which is crucial for a proper analysis and meaningful business decisions. Velocity – The faster data is retrieved and collected; the better real-time data analysis process will execute. Variety – Retail data comes in various forms from multiple sources, from traditional transactions to social media insights.
Benefits of using Big Data analytics for retail Data Predictive analytics Customer segmentation accessibility Optimized pricing Personalized customer analytics Enhanced customer experience
However, With vast volumes of data, it can be challenging to identify the most significant insights and achieve a clear operational view.
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