Use of Big Data Analytics in the Retail Industry With a Focus on Retail Analytics

Abstract

Given how fiercely competitive the retail industry is becoming, it is more important than ever to be able to match consumer demands while optimising company procedures. In addition, determining the best way to approach them through targeted marketing campaigns, determining what to sell them next, and identifying the customers who are most likely to be interested in particular product types based on their past purchase behaviours comprise the core of data analytics. Due to the recent emergence of big data and its 3Vs (Volume, Variety, and Velocity), which reflect the significance and impact of data-related issues that need to be resolved in business organisations, including the retail sector, data analysis has grown in importance as a field of study for both practitioners and researchers. This research carefully identified and analysed four factors: the data source, the data analysis methods, the financial and economic implications, and the data security and privacy to determine how Big Data would impact the retail industry.