Market Intelligence and Big Data: A Crisp Overview

Big Data has been the 'retail industry's tour de force' in recent years. Data collection and analysis have veritable benefits for retailers. It is of all types and scales. Retailers armed with 'Big Data' can pioneer a plethora of trajectories. A study by McKinsey illustrates that Big Data can help retail ventures hire new talent. It is to buy or build sophisticated tools for better data harnessing. It can increase profit margins by up to 60 percent. Thus, Big Data not only facilitates competitive pricing. It also enables retailers to grasp the A to Z of market intelligence.

For instance, Amazon is a giant multinational company. It holds onto customer data at just about every point of interaction. It retains and evaluates data about what people click on. It adds to their baskets (without checking out). It adds to their baskets and checks, what people add to their wishlists, and more. Such a nuanced and meticulous data acquisition approach has enabled Amazon. It has helped them to carve out a unique position in the eCommerce sector. It can skilfully predict customer behavior and interests premised on past behavior. Similarly, Amazon also leverages competitor retailers' data. It is to create advertising campaigns and set their own prices. Thus, Amazon is the perfect case study on how to co-opt Big Data. It is to become a clairvoyant in the retail sector and gauge every aspect of market intelligence.