Big Data Analytics In Retail Marketing Market Size & Share (2022-27)

 

Market Overview:

Big data analytics in the retail sector are expected to generate $4.18 billion in revenue by 2020. By the end of 2026, this market is anticipated to have grown at a CAGR of 21.20%, totaling USD 13.26 billion (2021–2026). Thanks to the use of Big Data and advanced analytics technologies, the retail sector is undergoing a significant transformation. Retailers are using Big Data analytics to stay competitive in the market as e-commerce, online shopping, and high customer loyalty competition grow.

An American retail chain called Costco contacted every customer who had purchased stone fruits to alert them to the potential listeria contamination. This was only possible because the business tracks customer purchases using Big Data.

Recently, fashion retailer H&M started using Big Data to tailor its merchandising mix in its brick-and-mortar stores. The fashion retailer is using algorithms to gain insights from returns, receipts, and data from loyalty cards to enhance its bottom line.

Scope of the Report:

Big Data analytics are used throughout the entire retail process in the retail sector to understand consumer behaviour, forecast demand, and optimize pricing. The majority of big data applications in retail are focused on real-time analytics and targeting, data-driven adaptive supply chains, and system-wide cost reduction. Big data analytics in the retail industry are categorized according to their use in small and medium-sized businesses as well as large corporations as merchandising and supply chain analytics, social media analytics, customer analytics, and operational intelligence.

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