Big Data and analytics (BDA) provide substantial opportunities for traditional retailers, FMCG companies, and eTailers since they already have a wealth of data that can be used for various analytics to optimize processes, increase sales, and launch new products and services. Detailed customer profiles can be built on Big Data, cost savings achieved through supply chain efficiencies, and superior customer experience offered, which can lift the brand image.
Big Data provides endless opportunities for analytics within retail organizations, including real-time in-store analytics, web analytics for e-commerce sites, and support for back-end and cloud-based resources. FMCG companies can use Big Data to aid the development of innovative products, target consumers with more personalized and relevant brand communications, and increase consumer loyalty. Retailers and FMCG companies must devise an effective Big Data strategy to enable increased responsiveness to consumers, as well as increase spend per customer.