Business School : How to Boost Sales
Every time you take advantage of a discount, join a store’s loyalty program, or simply buy something online — whether it’s a bag of groceries, a toddler sun hat or a shaving kit — you’re telling a retailer something about your needs, preferences and buying habits. Billions of pieces of information are continually being generated.
How do companies make sense of it all to gain a competitive edge? That, of course, is where data analytics comes in. The global big data analytics market for retail was estimated at $3.4 billion in 2018 and is projected to reach nearly $11 billion by 2024, according to a report in Business Wire. The report noted that data analytics is being used at every stage of the retail process to understand customer behavior, predict demand and optimize pricing.