Turn back your clock some four decades back, and you’ll realize the pain retailers faced while maintaining their sales count and inventory. This state of retailers was not because of insufficient data but because of overstocked data.
In the year 1975, Walmart decided to adopt new technologies for maintaining their inventory control of all merchandise in warehouse and distribution centers by preparing income statements of each store. They receive more than a million footfalls a week in an average store in USA and Amazon rules the game by more than a billion visitors in their online store. They started building the foundation for an integrated IT architecture backed up with information of warehouses, home offices, vendors and series of large retailers.
Online transactions are culminated, recorded, and then forwarded to the forecast system to trace the unusual sales pattern; and this way the tracking of customers is done. Since then, other retailers have been taking baby steps in adopting improved data analytics to stay ahead in competitive markets.
In this data-driven environment, retailers are completely dependent on extracting information from data. The only challenge company’s face is to dig out information from a heap of unstructured data and perform analytics in a robust …