Big Data Analytics Central to Customer Acquisition and Retention Strategies in Retail
Large volumes of unstructured and structured data from a variety of sources contain valuable insights about customer behavior, which has the ability to contribute to the growth of retail businesses. There is tremendous growth potential in European market, which is a mix of growing and nascent market. This report will introduce the big data opportunity in the retail industry in Europe, casting light on the opportunities for applications in this ever-expanding industry. It will provide an overview of the big data value chain, the competitive landscape, the trends driving the uptake of big data analytic among retailers, and the growth challenges in this market.
Objective, Scope, and Methodology Objective This report will introduce the Big Data opportunity in the retail industry in Europe, throwing light on the opportunities for applications in this ever-expanding industry. It will provide an overview of the Big Data value chain, the competitive landscape, the trends driving the uptake of Big Data analytics among retailers, and the growth challenges in this market. Scope Big Data in the retail market includes a wide range of services such as hardware (server storage) and software providers (processing and analytics). This research service will focus on the market for analytics services. Though this market is global in nature, rates of adoption differ from one region to another. Additionally, some of the opportunities and challenges may have more impact in one region than another. This report will highlight these differentiating factors, providing an overview of the state of the market in Europe. Methodology This report will draw upon secondary research, which includes internal Frost & Sullivan databases and external insights on the topic. Primary research is composed of discussions with key global and European providers in the market and will be used to assess the state of the Big Data analytics market in the retail industry.
Big Data Analytics Going Beyond Business Intelligence -The term “Big Data analytics” needs to be differentiated from Business Intelligence (BI). -BI solutions have been in existence for many years and are focused on transforming historical data into patterns and derive insights for analysis and reporting purposes. -Cognos* and Business Objects** are key examples of vendors of BI solutions that are commonly used by organisations today. -Key examples of BI solutions are traditionally designed to rely on relational data, which are mainly structured. Such data are aggregated in different ways based on predesigned aggregation and statistical programs. -BI solutions are unable to process high-speed, unstructured data from online sources. -BI lacks the ability to forecast and deliver predictive insights from large, varied and rapidly changing data sets. This is where Big Data analytics solutions come into the picture. *Acquired by IBM in 2007. **Acquired by SAP AG in 2007.
Table Of Contents
Big Data in Retail, Frost and Sullivan 1. EXECUTIVE SUMMARY
Executive Summary Key Findings
Methodology Objective, Scope, and Methodology
Fundamentals Business IntelligenceâA Foundational Definition Big Data Analytics Going Beyond Business Intelligence Volume, Variety, and Velocity?Marking The Transition To Big Data-Driven Business Intelligence Generic Approaches To Big Data Projects
4. BIG DATA ANALYTICSâVALUE CHAIN
Big Data AnalyticsâValue Chain
5. STATE OF THE EUROPEAN MARKET FOR BIG DATA IN RETAIL
State of the European Market for Big Data in Retail Overview of the Competitive Landscape European Market for Analytics in Retail A Russian Perspective
6. APPLYING BIG DATA IN RETAIL
Applying Big Data in Retail Potential Application Areas and Use Cases Across Industries Potential Use Cases and Application Areas for Retail Potential Use Cases and Application Areas for Retail-value Impact Potential?Estimates
7. TRENDS and OPPORTUNITIES
Trends and Opportunities Key Areas of Implementation Mainstream Analytics Solutions for Retailers Function-specific Analytics Solutions for Retailers Online Analytics Solutions for Retailers Offline Analytics Solutions for Retailers Retail Analytics Bears a Striking Resemblance to Online Analytics Emergence of Omni-channel Retail