A Survey on Emerging Technologies in Retail Industry

Abstract

Big data are taking middle stage for decision-making in many retail organizations. Customer data on attitudes and behavior across channels like touch points, devices and platforms are often readily available and constantly recorded. These data are integrated from multiple sources and stored, often during a cloud-based environment. Big data analytics in retail enables companies to form customer recommendations supported their purchase history, leading to personalized shopping experiences. These super-sized data sets are also help in forecasting trends and making strategic decisions supported marketing research. Statistical, econometric and data science models are developed for authorizing appropriate decisions. Machine learning based models, are especially useful for learning from the information and making predictive decisions. In many cases, such decisions are automated using systems like chat bots and robots. Of interest group are issues like Omni channel shopping behavior, resource allocation across channels, the results of the mobile channel and mobile apps on shopper behavior, dynamic pricing, data privacy and security. Research on these issues exposes several interesting insights on which retailers can build.  Totally we influence big data in today’s retailing environment, CRM strategies must be location specific, time specific and channel specific additionally to being customer specific..