Big data and analytics will increase revenue growth for the retail industry, through optimized pricing and the creation of new opportunities to improve assortments, new products, marketing and other demand generators, according to a new report from IDC Retail Insights.
The study, “Business Strategy: Big Data and Analytics Lay the Foundation for Revenue Growth,” shows that in 2013 about 50 percent of retailers were aiming big data and analytics efforts at pricing strategies, market intelligence and customer acquisition. Another key finding is that price intelligence, a subset of product intelligence, is emerging as the initial set of capabilities aligned to support big data and analytics initiatives.
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