Dive Summary:

• Several major retailers are investing in big data to improve retail analytics and gain competitive edge over competition and improve logistics.
• Many companies are utilizing the new technology in order to improve price optimization, product placement analysis and staffing.
• Real time updates on competition pricing, inventory data and shopping trends are just a few of the advantages which have revolutionized the use of industry data.

From the article:

“As noted, the retail industry is among the early adopters and innovative users of Big Data, meaning those retailers that have not begun harnessing data to their advantage are farther behind laggards in other industries. Retail CIOs should waste no time in bringing together IT and business stakeholders to lay out a Big Data vision for the enterprise and practical plans to implement them.”