Retail Transformation Through Big Data in Inventory Control and Consumer Analytics

The retail industry is undergoing a significant transformation driven by the utilization of big data. This transformative power enables retailers to gain profound insights into consumer behavior, enhance inventory management practices, and deliver personalized shopping experiences by harnessing and analyzing vast datasets. This research paper emphasizes explicitly the application of big data in two pivotal areas within the retail sector: inventory control and consumer analytics. In consumer analytics, big data empowers retailers to meticulously track consumer preferences, identify patterns, and tailor marketing strategies for more effective customer engagement. Moreover, in inventory management, big data facilitates the precise estimation of demand, optimization of inventory levels, and reduction of stockouts. The paper comprehensively explores the benefits of integrating big data into retail operations while addressing the inherent challenges retailers face during implementation.