How Business Analytics can Help You this Holiday Season
By Aditi Bhat
It’s the time of the year when everyone’s in a frenzy, trying to plan and buy the best Christmas gifts for their near and dear ones. With years of gifting and all the data gathered from it, big data analytics that retailers have been using, can now help you pick out perfect presents.
The retail industry usescustomer analyticsand business analytics toolson its existing data corresponding to various buying trends. This not only creates a customized experience for the shoppers, but also helps grow the business exponentially.
Here’s a breakdown of how big data analytics is leveraged by retailers during the holiday season:
Social network analysis and target ads
Your online activities are promptly recorded by social media platforms and relevant information is used by various platforms to help you have a better experience. Your every ‘Like’ and ‘Comment’ adds data points to the graph that identifies your interests and requirements. Facebook’s partnership with online merchants has changed the game of marketing and sales by leaps and bounds.
This season, social network analysis will be busy mining your shopping history and preferences to create the perfect wish list for you. Big data analytics will trail you through the holiday season, showing you what to get your friends and family and ace the gift giving game!
Knowing what you want and how much
Who doesn’t like an element of prophecy in their life?Predictive analytics is at your service.Knowing exactly what the consumer wants is an art that Artificial Intelligence constantly masters. Statistical analysisaids in streamlining production. The demand and the pace at which a particular product sells out is important information that helps keep both the sellers and the buyers happy. For example, smart data analytic tools figured out that the market for books in Russia soars higher as the temperature gets colder. So book dealers make sure that enough copies of popular/trending books are in stock.
Planning for the season
The demand for products of varying range will only grow during the gifting season. Business analytics helps decipher and determine when and how to strengthen the supply chain. This includes arrangements for better shipping and customer service. It also predicts when the increase in sales will skyrocket and proposes solutions to deal with it. For instance, data science can analyze the business issues and solutions over the years and provide you with the best possible way to keep your sales rocketing while meeting the demand.
Business analytics also helps decide attractive prices for products in demand by collating them with the expectations of the consumers. Every buyer belongs to a segment of consumption and targeting that are clearly defined by big data analysis. This information is one of the greatest ways to get gifts of your choice with data science’s help, without even realising it.
It is quite amazing how data science finds its way into our lives and helps make it better. The true hero behind us being able to pat ourselves on the back for buying the perfect gift online is business analytics. This is the season to be the best gift-giver, thanks to data science.
Here’s wishing you a Christmas filled with gifts from your wish list. Merry Christmas!