Impact Of Big Data On The Retail Industry
With the recent emergence of Big Data with its Volume, Variety and Velocity (3V’s), data analysis has emerged as a crucial area of study for both practitioners and researchers, reflecting the magnitude and impact of data-related problems to be resolved in business organizations, including the retail industry. This study has methodically identified and analysed four factors, namely, data source, data analysis tools, financial and economic outcomes and data security and data privacy, to gauge their influence on the impact of Big Data in the retail industry. This research analyses the impact of big data analysis on retail firms that use data and business analytics to make decisions, termed a data-driven decision-making (DDD) approach. The new finding is arrived that financial and economic outcome showed a strong support and have direct relationship with data analysis tools of retail industry. Data for the study were collected using a survey of various business practices and investments in information technology by retail organizations. The data analysis showed that retail organizations which use DDD have higher output and productivity. Using SMART PLS data analysis methods with solid support of review from ISI Journals, the relationship between DDD and performance is also evident in aspects of organization such as the utilization of inventory, customer engagement and market value in the retail industry.