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Study: Retailers will apply Big Data analytics on front end


London, U.K. -- Analytics will be applied in front-end as well as back-end applications in retail. According to a new study from Frost & Sullivan, the aim of every retailer is to integrate data from multiple channels to provide an omnichannel experience for the customer.

Processing data real-time and using predictive modelling provide actionable insights that help acquire new customers and retain existing ones. In fact, Frost & Sullivan says the combination of descriptive, predictive and prescriptive analytics will enable retailers to keep track of their business at a macro level and further their prospects at the micro level.

While acknowledging the importance of analytics, retailers are also wary of the technological and organizational hurdles involved in implementation. Additionally, inherent issues of privacy violation and non-compliance with data regulations are highly relevant, especially in Europe. The challenge for retailers is to respect consumer privacy while making it worth their while to allow retail data monitoring. Frost & Sullivan advises the way to get them interested is to roll out customer loyalty programs, such as the real-time generation of special offers when customers get in touch with the contact center.

"Omnichannel retail refers to the integration of all existing channels of customer contact to offer a seamless shopping experience," said Frost & Sullivan ICT research analyst Shuba Ramkumar. "Dealing with channels as individual siloes will lead to inaccurate understanding of customers and ineffective decisions. Combining insights from assorted channels will provide a clearer picture of the overall business."
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