Influence of technological advances and change in marketing strategies using analytics in retail industry

Jasmine Kaur (), Vernika Arora () and Shivani Bali ()
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Jasmine Kaur: Lal Bahadur Shastri Institute of Management
Vernika Arora: Lal Bahadur Shastri Institute of Management
Shivani Bali: Lal Bahadur Shastri Institute of Management

International Journal of System Assurance Engineering and Management, 2020, vol. 11, issue 5, No 7, 953-961

Abstract: Abstract A nexus of technological advances and an increasingly competitive environment of the retail industry has taken the phrase, “Customer is the King” to a new tangent altogether. It has been observed how combination of technologies along with analytical concepts of video analytics, social media analytics, wireless analytics and smart vision systems on marketing concepts like market basket model, value-based customer segmentation, campaign planning, etc. can impact the customer satisfaction and reduce the customer churn rate. An effective amalgamative implementation of these concepts will help enhance customer satisfaction and help the retailers gain an edge in the competitive market environment. The aim of this paper is to understand the technological advancements along with the impact of data analytics in the retail sector and to capture and retain maximum customers by conceptualizing effective merchandising and marketing strategies.

Keywords: Big data; Retail analytics; Marketing strategy; Video analytics; Social media analytics; Artificial intelligence (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (3)

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DOI: 10.1007/s13198-020-01023-5

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