The Importance of Big Data in Retailing
Big data is a game changer and retailers are beginning to accept this. The analysis of Big data can now be applied at every stage of the retail process and it allows retailers to have a competitive edge over their competition. Big Data is the key to success for Fashion Retailers and this is clearly seen in fashion retailers like Zara, H&M and Forever 21 where big data plays a key role in their retail strategies. Big data is what allows fashion retailers to drive sales, mainly because it allows them to understand key trends and patterns that their customers are exhibiting and they plan their strategy accordingly. Big data is the key to success for fast-fashion, because it allows them to be at the forefront of innovation which has a positive impact on the sales. In today’s world, retailers have access to the data of millions of users with the help of social media platforms like Facebook and hence it is important that they do everything possible to analyse this data that is readily available to them.
The world is moving in such a way that companies need to invest in technologies because going forward, it is important that retailers start thinking like a software company rather than a product company. All value additions that are captured with the help of technology will be dependent on the quality of the data that is available to the retailers and on the quality of the analysis that can be done. The ERP software that Ginesys offers allows retailers to collect and analyse the data which will help them make snappy business decisions, improving customer satisfaction and customer experience as well.