Influence of technological advances and change in marketing strategies using analytics in retail industry
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ORIGINAL ARTICLE
Influence of technological advances and change in marketing strategies using analytics in retail industry Jasmine Kaur1
•
Vernika Arora1 • Shivani Bali1
Received: 19 January 2020 / Revised: 31 May 2020 Ó The Society for Reliability Engineering, Quality and Operations Management (SREQOM), India and The Division of Operation and Maintenance, Lulea University of Technology, Sweden 2020
Abstract A nexus of technological advances and an increasingly competitive environment of the retail industry has taken the phrase, ‘‘Customer is the King’’ to a new tangent altogether. It has been observed how combination of technologies along with analytical concepts of video analytics, social media analytics, wireless analytics and smart vision systems on marketing concepts like market basket model, value-based customer segmentation, campaign planning, etc. can impact the customer satisfaction and reduce the customer churn rate. An effective amalgamative implementation of these concepts will help enhance customer satisfaction and help the retailers gain an edge in the competitive market environment. The aim of this paper is to understand the technological advancements along with the impact of data analytics in the retail sector and to capture and retain maximum customers by conceptualizing effective merchandising and marketing strategies. Keywords Big data Retail analytics Marketing strategy Video analytics Social media analytics Artificial intelligence
& Jasmine Kaur [email protected] Vernika Arora [email protected] Shivani Bali [email protected] 1
Lal Bahadur Shastri Institute of Management, Delhi, India
1 Introduction Businesses are in constant competition with each to expand their customer base and retain their present customers at the same time. But in times of slow economic growth and facing disruptive developments, especially in the retail industry, the marketers have to be on toes to survive. Retailers often aim to enhance base of their clientele of both digital and physical customers by providing convenience and personalization that was never even contemplated before. Though companies in retail sector often use of data analytics to boost operating performance, client oriented service or marketing campaign strategy, but now the focus is significantly increasing towards efficiently engaging with the technogeek users through different channel or multi-channel retailing. Therefore, it is crucial for the retailers now to seek the 360-degree view of their consumers (Hariharan and Mahapatra 2018). Moreover, retailers should do detailed analysis of their consumer buying behavior and preferences in order to have relevant interactions with them which would further help them to sustain and lead in the competitive market. Introduction of big data analytics have enabled the retailers to enhance the performance of their online stores in order to make higher revenues. So, retailers can improve product web pages to ensure maximum engagement and thus the conversion rates by exploring and di
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