Retail is one of the oldest platforms for a buyer to interact with a seller. Long before e-Commerce and m-Commerce hit it big, the retail industry relied on great product displays, competitive pricing and effective salesmanship to get the job done. With the growth of technology and its numerous flavours and avatars, the retail industry pulled in what it needed.
Today, with sales in the US alone over 5 trillion in 2017 and with the pressure to create a superior experience (86% of customers say that they will pay more for a superior experience), the retail industry is turning to niche technology to get a better job done.
Big data and retail
The niche technology here is big data. It is niche, but it is no longer a technology that is in the labs. The spending on big data was projected to reach USD 57 billion in 2017 with 6 million developers around the globe.
The retail industry is the perfect candidate for big data as it generates data with great volume, variety and velocity. From the products that are bought by the customers to the modes of payment used to the trends in buying in a particular festival to their buying decision factors …