Big Data Analytics for CRM as a Competitive tool in Indian Retail Sector

Abstract

Retailing is a task that transforms the business through their transnational activities of business newlineadding value to their products and services to consumers. Its a way of providing quality life newlineconstantly through a mix of disposal, value, availability, and good experience. newline newlineThe role of merchandising is to enable the adoption of products and services. The product is made newlineavailable at the store for organized Retail. The organized retail are department stores, newlinehypermarkets, supermarkets, specialty stores, unorganized retail are the conventional kirana stores, newlinecorner shops, general stores. Retail business across sectors from past till date, that are run by single newlineperson. For e.g.: normal street markets, counter stores, market kiosks, and vendors and had no input newlinecredit for equivalent. However with the current customers experience concentric market where the newlinenew businesses like malls, shopping complexes and other kinds of new retail outlets; they provide newlinea quality experience to the customer with an outsized sort of products with their quality and value newlinefor money. Modern-day retail are designed to support pick and pack service. Personal service stores newlinewhich are called Supermarkets are in the range of 800 plus square feet stores. This is mainly newlinesupported by buying power of the open economy customers. newline newlineCustomer Relationship Management (CRM) is a modern way for business continuity. It supports newlineretailers to strengthen their customer relationship. Its is possible through their touch-points. I.e newlineMobile, email, SMS, social media. CRM soft-wares helps in remembering birthdays, anniversaries, newlineand re-purchase bonus points. Its is now moving towards inculcating intelligence system in newlinebuilding strong relationship able to handling feedback and support advance service. Personalized newlineexperiences can enhance customer life-cycle (CLV) in repeat buying cycles. Feed-forward plays newlinean important role in understanding the heart and soul of their customer.The existing literature review suggests that worldwide retail industry is heavily dependent on the newlinesatisfaction and constant measurement of customer feedback is very essential. Several researches newlinehave been conducted on the various methodologies on the use of technology for customer newlinerelationship management. However, the use of Big Data and various analytical tools for customer newlinerelationship management is a novel concept and not much of research has been carried out how newlineBig Data Analytics can be of use for modern retail outlets in India. Particularly the SMAC newlineframework of Big Data Analytics, which comprise of Social Media, Mobility, Analytics and Cloud newlineComputing as an integrated feature and its impact on the customer relationship management newline(CRM) practices of the retail industry. The current study focuses on the retail sector particularly newlinethe modern retail outlets and how they have been performing the customer relationship newlinemanagement. The online retail platforms have integrated a lot of technological innovations; newlinehowever, the traditional brick and mortar companies are slow in adopting the new technological newlineinnovations. This study tries to compare the traditional technologies used by these companies in newlinecustomer relationship management and the current level of adoption of Big Data Tools. newline