Tuesday, September 29, 2020

Retailers Leverage Big Data Analytics

Industry reports indicate that the big data and analytics market globally is expected to hit $203 billion in 2020

The retail customer experience has evolved from its primary focus on the transaction to a holistic data-driven process where information from buying history, online searches and social media interactions is utilised to provide consumers what they want during every phase of shopping.

Industry reports suggest that retail and banking are some of the top data-intensive industries in the region. With the presence of over 50% international brand, that holds the coveted spot of being the world’s important retail hub. The transformation of the retail business and the need to deliver superior customer experiences using smart data is expected to be the centre of retail development in the run up to 2020 and beyond.

According to Kumar Prasoon, Group Chief Information Officer (CIO), Safeer Group,

“Big data analytics is playing a crucial role in understanding customer behaviour and optimising business opportunities. This is happening in real time with the advent of methods like Fuzzy analytics, which is expected to bring a digital revolution in the retail operations in the UAE and the Middle East countries. Fuzzy analytics makes real-time data capture and analysis possible, leading to an informed decision-making process in business.”

Industry reports indicate that the big data and analytics market globally is expected to hit $203 billion in 2020. It is clear that future of retail lies in big data analytics, it keeps retailers aware of customer’s product preferences and buying habits that contribute to building effective customer loyalty programmes and offering a seamless and superior customer experience.

“Customer experience management in the retail sector has undergone significant changes over the past few decades. Big Data Analytics is helping retailers to stay at the top of trends and employ required strategies to retain consumer. Every technology in a retail store from the security camera to the POS system to the sensors are capturing consumer data.  We have technologies like people counting solutions, RFID and security, which helps in creating exhaustive data regarding customer flow in a store. These data help a retail operator evaluate campaign strategies, store displays, design and location, as well as understand consumer preferences,” says Reshmi Raj, Managing Director, InfoQuest.

She added, “In the years to come, Big Data Analytics will be one of the most useful assets for retail organisations in the region in planning their operations.” InfoQuest is a leading supplier of people counting solutions, RFID and other retail technology solutions to some of the biggest retail brands in the region.

Data capture technologies and analytics will take centre stage during the various conference sessions at Smart Stores Expo 2017. “Technology is the driving force behind the transformation we see all around us. Every day, tonnes of data is captured by the systems when we order a product online, or swipe our debit/credit card for payment, or use the self-service kiosk at a retail outlet. Retailers in the region have started to realise the importance of utilising these data in designing their offerings and sales campaigns. We aim to provide a platform to discuss future of these technologies at the Smart Stores Expo,” says Jayaraman Nair, Chairman, VIS Exhibitions and Conferences, which is organising Smart Stores Expo 2017 in January.

The event will provide the exhibitors with an ideal platform to launch, showcase, and present their latest innovations, services and products; along with meeting industry peers, building brand awareness and meeting prospective clients.  The exhibitors and visitors will be discussing latest trends in the retail industry, both regionally and global.

The event is happening from 23-25th January, at ADNEC (Abu Dhabi National Exhibitions Company).

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