The Indian retail industry is also realizing and acknowledging this increased usage of online platforms with options such as contactless delivery, etc.,
Retail brands can also leverage data-driven frameworks to gather relevant information regarding potential consumer bases across various geographies and devise their expansion strategies accordingly.
Customer segmentations can be created with associative data of one group of buyers with other groups who have no connection whatsoever with the former.
Most retailers do realize that data is the most tangible asset they have and that managing, storing and analyzing data is competitively and fundamentally important.
Retailers need to keep in mind that all data is not good data. The value of data makes sense when it is actually able to help you in making more informed decisions so the business gets benefitted ultimately.
In-store analytics is the process of finding meaningful insights from customer behavioral data. In the hyper-competitive retail market, in-store analytics is gaining traction.
Big data refers to that part of the industry that consists of analysis, processing and management of information. Inadequacy in traditional systems to manage information is the basic reason for its emergence.
India Retail story is a promising one and has gained momentum riding on increased disposable income and fueling growth in demand even from Bottom of Pyramid (BoP) consumers. As per RAI & EY Study "Globally, India is among the top 10 retail markets.