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Necessity of Integration of Bigdata Analytics in CRM in Retail Industry
As the retail industry is growing day by day, the need to maintain healthy relations with clients and customers is becoming vital too. There is cut throat competition in the market and only a firm which is able to handle its customers properly and efficiently can survive in the market. Due to this, there was a need of a software which will cater to marketing, sales, after sales service and complete follow up and feedback for the sold products (Piskar, 2009). Hence, a software application is developed which can help organisations cater to all customer related issues in turn saving a lot of time and money. Often people believe that CRM is a software application handling all activities related to customers but in reality it is more than that.
Research objectives are crucial for any study. The research objectives of this study are as under:
- To examine the importance of Bigdata in retail industry
- To evaluate the problems arising due to increasing data needs
- To evaluate the necessity of Bigdata analytics in CRM in retail industry
H0: Big Data is widely accepted due to increasing data needs of organisation
H1: The CRM for B2B and B2C are different
Big data Analytics is gaining more say in formulating accurate data for improving sales, marketing, technical aspects and customer services. When it comes to discuss bigdata analytics integrated with customer relationship management, it is imperative to know that there is difference between CRM for business to business and business to customers (Hellerstein, 2008). The later applies to the retail sector as dealing is directly linked to the end user or customer in retail market. The business to business has lesser amount of databases to be dealt and hence, they are more predictable but when it comes to retail sector, due to its variety of customers, the data handling is more complicated which makes it more necessary to integrate it for business growth (Hellerstein, 2008). The research includes the extent and scope of the necessity while discussing the need of bigdata in retail super market and analyzes how it is used to establish a better customer base. The study in hand maintains a sequence where first the concepts of CRM and then bigdata are described which lays the foundation of the research. As per a research carried by McKinsey’s Business Technology Office, the massive amount of data and large data sets will play a pivotal role in competition, underpinning new waves of growth, innovation and consumer surplus. For retailers, big data intends to generate a high value.
In this study, primary research has been used in which several surveys and semi-structured interviews were conducted. This has helped the researcher to get real-time information about the big data analytics. A sample space of 100 employees was selected who were given the surveys so as to make it possible for the researcher to find conclusion. Further, secondary data collection tools were also employed while carrying out this study. By definition, secondary research refers to analysing already used data to collect information (Yin, 2009). Hence, online case studies of various retailers based in UK such as Tesco, Sainsbury were used for analysis. Also, written documentaries were used in order to fetch the annual reports and financials of supermarkets in UK. Besides case studies and written documentaries, articles and journals were also used.
The business intelligence & big data success factors can be evaluated by comparison of quality of system to verify whether any improvement in the overall system has taken place or not (SAP Insider, 2007). The user acceptance is also crucial as consumers have alternating behaviours in response to CRM which may not always yield intended results if their opinions and needs are not properly addressed. The organizational factors also play an important role in determining the success of integration of CRM with big data analytics in retail markets of UK. The critical success factors depend on a change agent presenting an idea from the organization itself. The processes which are adopted for integration and improved business of retail is another significant factor because the use of a particular methodology is a normally credited method which determines whether intended success can be achieved by the integration or not.
- Hellerstein, J. (2008). Parallel Programming in the Age of Big Data. Gigaom Blog.
- Segaran, T. (2009). Beautiful Data: The Stories Behind Elegant Data Solutions. O'Reilly Media. p. 257.
- Piskar, F. (2009). A successful CRM Implementation Project in a Service Company: Case Study. Organizacija, Vol: 42, pp. 199-208.
- Myron, D. (2010). DestinationCRM.com. Information Today, Inc. CRM in Customer Service https://www.destinationcrm.com/Articles/ReadArticle.aspx?ArticleID=99909 CRM in Customer Service. Accessed on 15th July, 2015.