Retail Marketing has emerged as one of the biggest consumers of data about human behavior and Economics of Households. There is a rapid surge in data that is sourced from varying locations ranging from the Social media, Census Bureau and syndicated services to the internal Website, forums, blogs and Logistics providers.
Retailers are beginning to mine this vast treasure trove of data for competitive advantage. Decision making about pricing, product inventory levels, targeted marketing and channel selection are all influenced by the analysis of the data collected.
Big Data analytics is used to optimize operations - including marketing, shipping, distribution and manufacturing.