Research Paper
Big Data Analytics Unveiled Predicting Consumer Behavior through Data-Driven Strategies for Smart Retail Marketing
Big data analytics has changed the way one understands consumer behaviour and marketing strategies in any industry. According to Rakshit Negi, the article focuses on the role of big data in market segmentation and targeting, where it has proved to be an excellent tool for precise consumer insights through statistical analysis and clustering techniques (1). Similarly, the International Journal of Research Publication and Reviews explains in its analysis how data mining and machine learning algorithms may help track purchases and optimize the management of inventory; that is, the operational benefits that big data-driven retail strategies might be able to provide (2). The paper, published on ResearchGate, concerns itself with the impact of social media analytics and mobile payment data on consumer behaviour in the sense of tools like Apache Hadoop and sentiment analysis of actionable insights from different types of datasets (3). The study further emphasizes the significance of predictive analytics to predict consumer needs and optimize engagement metrics as companies reported a conversion rate boost up to 25%. The effect of big data on marketing strategies and consumer behaviour in the U.S., as studied by ResearchGate, shows that the increasing application of advanced technologies, including Tableau, Power BI, and machine learning models, to customize marketing campaigns yields a 30% improvement in target accuracy (4). It is, however, not without a cost. All reviewed studies are unanimous in their conclusion that, even in the long term, issues still prevail with respect to data integration and the skill gap in analyzing complex analytics. The erratic nature of consumer preferences makes a predictive model cumbersome; thus, it has to be upgraded constantly so that it remains current. However, despite such problems, the analyzed literature proves that big data analytics is inevitable for taking a competitive advantage in today's marketing scenario and consumer behaviour analysis. Various case studies presented across these papers illustrate real-world applications whereby companies successfully leveraged big data to align their strategies to consumer expectations, which also drives growth and customer satisfaction.
Published by: Dr. M.K. Jayanthi Kannan, Anas Khan
Author: Dr. M.K. Jayanthi Kannan
Paper ID: V10I6-1512
Paper Status: published
Published: December 29, 2024
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