In the present scenario, the retailers who are combining customer analytics, internet of things (IOT) and data innovation to retrieve and analyze data of consumer preferences, are generating the maximum sales. Others are losing out. Customers now-a-days are well aware of their personal data being collected online by firms and hence expect better retail experience in return. That will only be possible when customers are segmented and served, which is done by analyzing their personal data, using data analytics. Big data can also be used in framing a product's optimal price system and inventory management, according to the prevailing or to be prevailed customer preference trends. Read more at:

http://channels.theinnovationenterprise.com/articles/grasping-the-value-of-data-analytics-in-retail