Big Data needs no introduction. Everyone is talking about it and many companies are using Big Data to achieve a number of business goals. But in an unrefined state, Big Data is just a collection of large volumes of data that really doesn’t tell us anything. Trying to make sense out of the huge pile of information is one of the biggest challenges retailers face with Big Data. This is where advanced analytical tools come into play and filter the unwanted data and offer useful information.
Big Data has transformed the way retailers conduct business with consumers. It has offered them valuable insights into customer shopping behavior and industry forecasts necessary to stay ahead of the competition. Retailers realize the power of deploying analytical tools to understand their customers better, one of the crucial parameters for business success.For any retailer, the main goal is to increase the ROI. We have a packed marketplace with several vendors selling different types of analytical tools. Although the names may sound the same, a closer look at the features and the capabilities of each tool would reveal sizeable differences in the techniques being used, the results it offers and the business value it delivers.
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