A Big Data Analytics-Based Design for Viable Evolution of Retail Sector

Abstract

Retailing is one of the world’s prominent and most diversified commercial activities, which has considerably transformed business strategies for earning more profit. Today, the retailing definition is a synonym to attractive and appropriately managed merchandise stores with incredible comfort and ambience rather than randomly stacked traditional stores. Also, the modern customer is focused towards quality/brands and expects for services delivered to them by different vendors at the ease of home with a single click. As a result, customers prefer to shop from various online shopping Websites rather than physically moving to a retail store, which in turn leads to the downfall in the sales of retailers which has become a significant threat to them. Therefore, this paper highlights this current problem faced by retailers and suggests some corrective measures, which retailers should deploy. Consequently, the retailers are required to practice corrective measures towards meeting all customers’ expectations by providing their necessary goods under the same roof. Besides, the retailers should provide several benefits and lucrative offers like discounts, cashbacks, buy one get one, free home delivery, combo purchase and other tailor-made offers to attract customers via targeted marketing by meeting their specific needs and hence to overcome diversion of their customers towards E-Commerce Websites.