Data Intelligence in the Retail Space

 min de leitura

Data intelligence is one of the most transformative developments in any business sector in societies all over the world. 

Data Intelligence in the Retail Space

Data intelligence is one of the most transformative developments in any business sector in societies all over the world. 

According to market researcher IDC, by 2023, 60% of data intelligence solutions will be used by businesses to help them achieve growth and stability. A tremendous forward-movement in Big Data has been disrupting the global economy, especially in the retail segment. 

What is data intelligence?

Simply put, data intelligence is the use of artificial intelligence (AI) and machine learning (ML) to help a business identify their data, understand what the data means to them and then assists them in finding ways the data can add value to their business.

In essence, data intelligence answers the same fundamental questions a good journalist would ask – who, what, when, where, why, and -- how? 

For example, with the use of data intelligence, a retailer can determine:

  • Who is shopping?
  • What are customers buying?
  • When did they buy the item?
  • Where did they buy the item (location or online)?
  • Why did they buy the item? 
  • How did they find the item?

In a newspaper, the journalist would tell the story, and in the technology world, the data generates the story. With this collective data, a retail company can then take the information and make business decisions based on the digital footprint that best represents its customers. 

How data intelligence helps the retail industry

Every industry can benefit from data intelligence in one way or another, but there are some industries that have more of an impact on the masses than others.  

As technology intelligence expands the capabilities of data collection and analysis, a clear disruption is occurring in how business is conducted in the retail industry.

Like the example above, retailers use data to help them determine what their customers want and how they can most effectively and efficiently get those products or services to them. 

The use of AI and ML to accurately track the data can positively affect the entire customer experience as well as automate business operations.

With the use of the data, both retail and eCommerce business owners can implement a host of forward-thinking possibilities including:  

  • Inventory selection
  • Price predictions and adjustments
  • Real-time online video customer service
  • Supply chain management

Retailers and eCommerce entities that use data intelligence position themselves to edge out their competitors. It is certainly the future for doing business, regardless of a company’s size or location. This is especially true for industries with the widest reach, including retail. 

Data intelligence provides optimal opportunities to keep retail businesses competitive and an able to achieve maximum growth and stability.

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