In India, big data has been a game changer in the retail sector by making it possible to add hyper-personalization, precise demand forecasting, dynamic pricing and seamless omnichannel integration.
Retailers are finally able to leverage rich customer information for targeted marketing, product recommendation and loyalty programs. They use real-time data analysis to forecast future demand and plan inventory and price changes according to their competitors. It allows you to improve on the customer experience, as well as increase your profitability and operational efficiency.
However major challenges remain, including data quality and technology infrastructure issues alongside a shortage of expertise in the field and fears over privacy.
To tackle such challenges, retailers need to invest further in advanced analytics capabilities and talent while driving a data focus from the grassroots level.
From a commanding position of retail in the global space, something that could be unwritten is – In face recognition data protection laws and continuous cycles around Big Data Technologies improving efficiency and overall profitability they seem to attract what should have been happening.
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