Maximizing Retail Potential: The Role of Big Data Analytics
DOI:
https://doi.org/10.33423/jsis.v19i4.7486Keywords:
strategic innovation, Big Data, Big Data analytics, retail industry, customer relationships, personalization, dynamic pricing, data privacyAbstract
The retail industry has been transformed by technological advancements and evolving consumer behavior. This paper examines the benefits, challenges, and strategic implications of Big Data Analytics (BDA) in the retail sector through a comprehensive review of recent literature. The findings highlight three key opportunities for leveraging BDA in retail: enhancing customer relationships, improving operational efficiency, and gaining strategic advantages. However, several challenges persist, including privacy and security concerns, inadequate data-driven support systems, complexities in data visualization and processing, and insufficient governmental support.
In addition to exploring the potential advantages and limitations, this study emphasizes the strategic role of BDA in facilitating data-driven decision-making for retailers. By balancing these opportunities and challenges, retail firms can harness Big Data as a critical source of competitive advantage. Finally, the paper identifies future research directions to further advance the application of Big Data in the retail sector, aiming to address existing gaps and unlock its full potential.
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