![]() ![]() Retail Big Data Analytics Market is anticipated to grow from $1.8 billion in 2014 to $4.5 billion dollars in 2019. Gartner survey also projects that 73% of the retail organizations plan to invest in Retail Analytics 2 years down the lane. Gartner surveyed close to 2/3 rd of the 720 businesses and IT leaders who said “they have already invested in Big Data or expect to invest in Big Data by the end of June 2015”. Big data and Retail IndustryĪ survey conducted in June 2013 by Gartner predicts that the Big Data spending in Retail Analytics will cross the $232 billion mark by 2016. Placing the two products together merely eliminates the choice of the customer and subtly influences the purchase behavior. This allows the retail outlets to place say shampoo and conditioner or toothpaste and toothbrushes together, as the data pattern shows that people who buy a shampoo will invariably also buy a conditioner. ![]() Popularly termed as market basket analysis, it refers to the collection of data that comprises of the various buying habits and the preferences of customers. The retail market being a highly competitive space has companies innovating in the field of consumer behavior analysis to find new buying trends. Data analytics - used for improving marketing efficiency and raising profits is not a new fad in the retail industry. ![]()
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