Asia has become the most promising market for retailers around the world, having 60 percent of the world’s population along with some of the fastest growing economies in its continent such as India, according to the latest updates given by Big Data analytics.
Between 2011 and 2015, Asia projects phenomenal progress in online retailing with an average growth rate of 20 percent per annum and also will remain the main engine of global retail development with an average annual growth rate of 6 percent and the growth rate is expected to be more than the other continents, according to a recent industry research.
India is considered as one of the most preferred retail destinations. As per the survey, a further boost to the Indian retail industry is expected because of the government’s decision of allowing 100 percent FDI in single brands. In this country, new international retail giants like Walmart are in a process of setting shop and the existing players are striving hard to reach the country’s tier 2 and tier 3 markets.
In the retail market targets must be achieved, where product duplication is almost immediate, the retail leaders must immediately respond to changes in customer demand. Technology solutions must be adopted quickly which will help in improved decision-making and drive faster response times to market needs.
Big Data’s study patterns in customer behavior and their demands, in the form of transaction history, purchase frequency and web-behavior, will be a great help to the retailers. Big Data Analytics have identified the most valuable customers from a 360 degree view. Hence they are helping the retailers to understand the customer behavior segmentation and what actions trigger behavior attributes in different segments and channels. It executes real-time marketing at the time of purchase and also provides improvements to loyalty programs and also reveals factors such as customer experience, ease of use, value for money and effect from rewards programs that will truly impact customer loyalty and retention.
Globally for brick and mortar stores “browse but not buy” behaviour is a common problem. Today, the retail customers have become modernized and are online, selective and social. They compare prices on the web, scan QR codes and browse at the stores before making an online purchase. Hence, CEOs of major retail organizations are seriously considering analysis and survey’s made by Big Data platform and their predictive customer behavioural analytics in order to get a wider view of customers in terms of interaction models, channels, behavioural segmentation, responses, marketing strategy, and marketing execution and in turn improve on its relevance and perceived customer value.