Future applications of big data (6)

 


Retail and Shopping

Using big data, stores and online shops gain a higher degree of customer understanding. They learn what kind of products people prefer, at what time they shop, and how much they typically spend. This allows businesses not only to be more efficient in their customer offering but also to increase their sales.

Big data will act as a fuelling engine for store inventories. Like this, they will be informed about the items that are selling well and those that are not. As a result, they don’t run the risk of overstocking the popular items or losing money on those items that are not selling well. Moreover, customers are satisfied because they receive goods when they want and in the amount they want.

Personalized online shopping will reach a new level. Big data becomes a tool that enables suggestions of items that are in line with previous behaviors of shopping. Such shopping results in less searching and more enjoyable. One of the benefits is that people are not going to spend so much time hunting for what they want.

In addition, retailers can plan sales and discounts using big data information about customer purchase habits. They are able to pinpoint the best time slots to make the most attractive offer. As a result, they not only have more customers coming in, but also more money from those they already have.


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