Real-time data analytics in retail: A review of USA and global practices

Abstract

Real-time data analytics has emerged as a pivotal tool in the retail sector, revolutionizing decision-making processes and operational strategies. This study delves into the extensive landscape of real-time data analytics in retail, offering a comprehensive review of practices both in the USA and on a global scale. In the United States, retail giants have harnessed real-time data analytics to gain unprecedented insights into consumer behavior, preferences, and market trends. From personalized marketing campaigns to dynamic pricing strategies, retailers leverage real-time analytics to optimize inventory management and enhance the overall customer experience. The integration of technologies like RFID, IoT devices, and advanced analytics platforms has facilitated the seamless flow of data, enabling retailers to respond swiftly to changing market dynamics. On a global scale, diverse retail markets have embraced real-time data analytics to stay competitive in an ever-evolving landscape. Cross-border e-commerce and the proliferation of online marketplaces have intensified the need for real-time insights into global consumer trends. Retailers worldwide are adopting predictive analytics to forecast demand, reduce stockouts, and streamline supply chain operations. Moreover, the integration of artificial intelligence and machine learning algorithms enhances the ability to analyze vast datasets, uncovering hidden patterns and predicting future market trends. Challenges such as data privacy concerns, integration complexities, and the need for skilled professionals are acknowledged in this review. Despite these challenges, the transformative impact of real-time data analytics on the retail sector is undeniable. As technology continues to advance, the synergy between real-time data analytics and retail practices is expected to deepen, fostering innovation and reshaping the industry's landscape. This study provides a glimpse into the dynamic and evolving realm of real-time data analytics in retail, offering insights into the strategies employed by both the USA and global players to thrive in an era of rapid technological change.