Need of Business Analytics and Prediction Modeling in Retail Marketing in Indian Context

Abstract

In the digital era, Indian Retail market growing fast than ever and creating stiff competitive business environment. So, analyzing customer behavior, buying pattern and the ability to customize the products to meet demand targeted customer in time has become more important. Therefore, analyzing, diagnosing and channelizing customer data for the benefits of customer as well as the business growth is important to survive in industry for long run. International retail players are already using effective customer analytics systems or big data analytics software’s for each and every stage of the retail process starting from market study of current trends, customer purchasing behavior, sales and demand forecasting through predictive analytics, product optimization, offers and promotions and many more. After all, identifying the targeted customers interested in a specific product line by the analysis of purchase history, customer demographics and finding out effective medium to reach them through Omni-channel marketing strategies is the core of customer analytics. This paper is an outcome of a descriptive research on the retail industry in India and the application of customer analytics to shape the retail industry’s business strategy.