Applications of Data Science In The Retail Sector – Shamayun Miah

Offering a smarter customer experience

Customers anticipate that businesses will meet their requirements, have the goods they desire, and interact with them in real-time. The second-largest US shopping center, Mall of America, collaborated with IBM to offer a chatbot by the name of E.L.F to satisfy client expectations. This chatbox guides visitors across the enormous complex by personalizing their shopping plans and providing the best customer service for each of them- Shamayun Miah.

Offering incentives at the point of sale through loyalty rewards or promotions is another aspect of this personalization. Companies can send clients personalized direct mail to increase sales thanks to the obtained personal data.

As a store, you miss out on a lot of free and potentially important information that might help you recognize trends if you don’t pay attention to social media.

Examining the Purchase Process

Another retail tool that can be enhanced by data science is the examination of a customer’s path to purchase.

Although the path to purchase strategies have been studied by marketers for a long time, the development of data science has made it possible for them to fully utilize this kind of analysis. There are many various routes customers can take to purchase a product thanks to the growth of omnichannel sales and multichannel marketing in the retail industry- Shamayun Miah.

Machine learning methods can assist with comprehending customer purchasing patterns and concentrating on what precisely functions in the real world.

Examination of purchase tickets

Retailers frequently utilize market basket analysis to identify the product categories that their customers are most likely to purchase together. From a business perspective, it’s a standard procedure, but thanks to data science, it’s now automated.

The ability to evaluate a bigger amount of tickets and, thus, to have more confidence in the analysis is made possible by the data storage capacity, which is continuously growing.

Taking care of the property

Large shops can also optimize their real estate management expenses with the aid of data science. Therefore, performing preventive maintenance (data analysis) on a building’s various systems can help avoid catastrophic failures- Shamayun Miah.

What Shamayun Miah Has To Say About Enterprise Intelligence Level And The Commerce Industry

Business analytics is more important than ever before in the retailing industry. Customer information can be utilized to identify patterns in customer behavior, determine which products and services are most popular, determine how to reach out to new clients, and outperform the competition.

What Does Business Analytics Throughout the Retail Sector Entail?

Corporate intelligence is the process of utilizing data to unearth crucial consumer tips and knowledge that could be used to drive business choices. To attain data analytics, a technology-driven procedure must be used for gathering, organizing, and data storage so that it is easily available and prepared for analysis.

What Advantages Does Business Intelligence Offer to Retailers?

1. Business Intelligence Makes Transactions Faster
   When it comes to surpassing your competition in retail, which would be more fast-paced and cutthroat than it has ever been, there really is no such point as too much intelligence. According to Shamayun Miah, the growth of eCommerce has given consumers more options than before.

Predictive analytics keeps track of how consumers engage with online retailers, and this information can be used to enhance both the purchasing and customer care experiences.

For instance, the requisite level on previously viewed products may be given to customers. eCommerce enables businesses to use business analytics to make smart, appropriate choices based on their customer’s behavior. Because this information is real-time, firms can immediately update their brand portfolio or costs.

2. Delivering the best experience for customers
   Businesses also could deliver a consistent experience for each customer if they have greater access to crucial logistical and customer data. Data from business intelligence can also be used to predict when supplies will run short.

Shamayun Miah says that these enable firms to prepare and create good location-based branding decisions. Internet users may find it overwhelming to browse through countless options. Entering a marketplace where choices already have been chosen for you gives you confidence.

Create a selection of the top products to simplify the process for customers. Customers will applaud not attempting to make just too many choices, and understanding that somebody they could indeed trust has chosen the best alternative for them, says Shamayun Miah.

How Effective Marketing Through Social Media Could Be For Your Commercial Business, According To Shamayun Miah

When it comes to consumer strategies, advertising to a worldwide reach on sites such as Facebook, Insta, plus Linkedin increases creating awareness, unlike any other method. Social media assists to even the playing field as well as allows all enterprises, big or little, plenty of opportunities to have their branding acknowledged, particularly for commercial businesses operating in the market. Let’s explore how digital networks may help businesses succeed.

Identifying your Target Market

It is a little bit simpler to find prospective customers that might be intrigued with your solution or service thanks to marketing on social media elements like hashtags and account-specific tagging, claims Shamayun Miah.

All related postings can be collected to one tag with the use of hashtags. For instance, all postings relating to chocolate will appear under the hashtag #chocolates. This implies that by including relevant hashtags in your postings, you can assist steer your viewers to you rather than attempting to risk relying on those who might not be engaged.

As a result, social media services are effective instruments that can assist you in focusing on a smaller group of potential customers and directing it more product offerings in their direction.

Getting in touch with your audience

According to Shamayun Miah, networking sites’ various features—including polls, exchanging messages, and commenting—help personalize brands as well as forge closer ties with customers.

You don’t have only to share information on your business; you could also ask about the lifestyles of your customers or even run lighthearted polls to find out what they would like from you.

In contrast to communications, where a person must go to your website and click on “contact” or even use photographs on your account to make a commercial inquiry, DMs (Direct Messaging) are far more casual and practical. As a result, communicating with your customers is now simple.

Value of Visual Material

Despite the fact that there are simultaneously visual and textual elements, when you’re browsing through a large number of articles, the aesthetic is what creates the first impression as well as draws customers’ focus.

According to Shamayun Miah, should your advertising agency has a talent for developing stunning pictures, you might have a benefit in this situation as well as you have complete creative flexibility to support this process.

You may immediately offer buyers who really are fascinated by your items high-quality images of them.

Tech Trends Are Transforming The Retail Sector – Shamayun Miah

Modern, cutting-edge technology is improving efficiency while revolutionizing business in practically every field. One of the booming industries, the retail sector, meets the needs and demands of a sizable population daily. Therefore, it must adopt cutting-edge technology and effectively apply them to improve consumer experiences while boosting commercial prospects. The industry has been impacted by technology in recent years, and in the years to come, it is anticipated that even more innovations will be introduced- Shamayun Miah.

Artificial intelligence (AI) – Understanding customers and the current trend are essential for providing better service. Artificial intelligence (AI) is a technology that aids the retail sector in its goal to thoroughly understand customers and provide them with excellent services. Pricing choices, demand projections, and product placement in the store are all based on it. It makes it easier for customers to quickly and effectively find the proper product.

Another significant benefit of this technology is that it facilitates predictive analysis, which helps with stock management and decision-making on future orders. By monitoring internet data, technology can assist in developing an e-commerce strategy. AI’s vision analytics are incredibly useful. It is capable of recognizing customer behavior in-store as well as the products

The Internet of Things (IoT) is a network of billions of devices where data is transferred in real-time, enabling real-time communication. Every day, the retail industry creates enormous amounts of data that are essential for gaining various insights into consumer behavior and purchasing decisions. The industry can simply gather, store, and analyze these data thanks to IoT. With the use of this analysis and understanding, the market may provide customers with personalized experiences by meeting their needs.
Additionally, it might benefit the industry by enticing customers. Wireless IoT-based gadgets can be used by the store’s employees to connect and improve customer service. Technology is quite effective at improving consumer

Robotics and store assistants – By improving comfort for both retailers and customers, robotics and store assistants are revolutionizing the retail industry. These tools can aid shoppers in their product search at the store. They can connect customers with the closest staff members for any inquiries. However, business owners can utilize it for a variety of tasks like inventory control, price error detection, tracking down lost goods, and more.

It can also be applied to the logistics and supply chain to maintain stock levels. It enables business owners to make better use of their resources and increase sales- Shamayun Miah. The use of technology has increased operational effectiveness while increasing automation.

Adding Authenticity To Your Retail App – Shamayun Miah

Today’s innovation trends have a significant impact on a brand’s marketing strategy. Unsurprisingly, mobile devices have become essential to the sales process, particularly in decision-making. Following suit, augmented reality has emerged as a cutting-edge tool that enables brands to interact with customers via their mobile devices. AR creates a new digital experience that enriches the consumer-brand relationship and can be used in any location, such as a PC at home, mobile devices, or store kiosks.

Traditionally, retailers relied on print advertising campaigns or other forms of media to promote their products. Previously separated, print, media, and in-store marketing efforts are now merged into a unified consumer experience via augmented reality- Shamayun Miah

What is augmented reality?

Augmented Reality can be experienced on a variety of devices, including smartphones and tablets, wearables, PCs and laptops, TVs, digital mirrors, connected devices such as glasses, head-mounted displays, lenses, and even AR fitting rooms. The distinction between Augmented Reality and Virtual Reality is that AR “augments” the real world rather than replacing it.

In the case of handheld devices, AR gathers information about the surrounding real-world environment using the device’s camera, computer vision technology, GPS, compass, and accelerometer, and then overlays additional contextual information (in 2D or 3D) on top of that image.

Return reduction

AR assists customers in avoiding disappointment and selecting the best products for them. As a result, return rates for both online and brick-and-mortar stores tend to fall.

Increasing customer participation

The virtual experience provided by augmented reality in retail piques customers’ interest in products while providing all of the additional product details they may require. Well-informed customers are more likely to return and purchase additional products.

Creating content for social media

Customers can talk about and share their AR experiences on social media. The subsequent social media comments and discussions help to raise product and brand awareness.

Data collection on customer preferences

The information about the products that customers choose to try through AR-enhanced shopping reveals a lot about their interests, preferences, and shopping patterns. These insights could be used by retailers to deliver personalized advertising and marketing campaigns.

Providing a contact-free experience

In a post-pandemic world, AR applications in retail help to eliminate contamination risks and hygiene concerns.

lowering staffing costs

The AR app provides users with detailed information about the items they are interested in. Furthermore, augmented reality in retail aids in-store navigation, reducing the need for human shop assistants to a bare minimum- Shamayun Miah.

Big Data Impact On The Retail Sector – Shamayun Miah

When compared to other industries, the retail sector suffers the most intense competition. Retailers seek to differentiate themselves by offering a variety of products and services to attract as many clients or consumers as possible.

Customers are usually the focus of retailers, as evidenced by the dedication and excitement with which staff in the retail industry attend to customers. Employees are taught to be attentive and courteous, and they are encouraged to learn in-depth so that they may better satisfy their customers’ requirements. Customer feedback aids in the development of future marketing strategies and retail operations that have an impact on overall supply chain management- Shamayun Miah.

Big Data’s Emergence as a Game-Changer in the Retail Industry- In recent years, the rise of Big Data has improved retailer efficiency while simultaneously boosting competitiveness. Retailers are embracing Big Data analytics to understand what customers want and how they can provide those demands to stay ahead of the competition- Shamayun Miah.

In the retail sector, big data analytics allows businesses to make custom recommendations based on their purchase history, resulting in more personalized shopping experiences and better customer service.

An Overview of How Big Data Is Revolutionizing the Retail Industry

In the retail industry, the following uses or benefits of Big Data Analytics are being felt:

Optimization of Costs

Merchants attempt to examine the effects of price changes on various products to better understand the impact of prices on sales, customer purchasing decisions, and product selection, among other things.

Customizing the consumer experience

For example, evaluating client data can assist in personalizing discounts/offers for targeted customers. This information could include purchase history, search history, average bill value, and frequency of store visits, among other things. Big Data analytics can then be used to create customized SMSs and emails relating to offers/discounts.

Demand Prediction

These trends aren’t just about the amount of data to be saved or the amount of time it takes, but also about changes in the target audience’s behaviors and tastes. Although there is a discussion raging over the ethics of using personal data, it can be argued that Big Data has made it exceedingly easy for the retail sector to obtain insight into the conscience of customers.

How Chatbots Are A Great Opportunity For Retailers? – Shamayun Miah

By 2022, e-commerce will have grown by 5%, accounting for 17.5 percent of total global retail sales. Technology has been perhaps the single most powerful driving force behind the industry’s growth thus far. Advances in technology are paving the way for the future of e-commerce, from rapid improvements in smartphones to new software that creates immersive and frictionless customer experiences – Shamayun Miah.

Technology is frequently viewed as impersonal, as something that provides a consistent experience to every user, regardless of who they are.

However, many advances in e-commerce technology are aimed at doing the exact opposite: providing personalized, one-on-one interactions between brands and individual shoppers on a large scale. In the world of sales and marketing, one size no longer fits all, and technology now allows retailers to adjust their strategies accordingly.

Chatbots are an excellent example of this type of technology. Bots are simply pieces of software that can converse with your prospects and customers in real-time, directly on their devices.

Chatbots can improve customer service

Retail bots are available to assist users 24 hours a day, seven days a week, and they will always represent your brand well by providing friendly, helpful service. Chatting with a bot is simple, enjoyable, and does not require any waiting time, unlike most traditional support channels. Depending on how you design your bot, it can answer questions, recommend products, and provide support at any time of day or night.

Chatbots can help boost sales

A great service provided by a bot can turn users into repeat customers. A chatbot can not only answer questions engagingly but it can also be configured to provide a fully personalized shopping experience.
Indeed, chatbots for retail businesses are ideal for providing personalized product recommendations. You can program one to ask a few questions about the user’s needs or preferences, then display a list of specific products that they might be interested in – Shamayun Miah. Customers can then navigate to your store and make a purchase.

You can also use a bot to re-engage shoppers who added items to their cart but did not complete their purchase. A chatbot’s abandoned-cart reminders are useful and entertaining.

How Augmented Reality Is Assisting In The Retail Sector?

In 2022, augmented reality shopping experiences will be the standard. With virtual fitting rooms, better in-store AR navigation, and other AR experiences becoming more prevalent in the market, those without these capabilities are slipping behind. This is one of the most important technical developments in bridging the gap between internet eCommerce stores and in-person purchasing- Shamayun Miah.

TRY BEFORE YOU PURCHASE

The ‘try before you buy’ apps are among the most beneficial VR applications for digital customers in the retail business. Virtual fitting room technology is one of the greatest instances of this. Using augmented reality technology, customers can see how they seem when putting on various types of merchandise themselves. Similarly, people may see what various types of things, such as furniture, look like. Virtual fitting room technology is already being used by retailers such as Sephora, Target, and Ikea.

In reality, Ikea’s version of this allows you to do far more than simply view the size and form of furniture. Ikea Studio can use the iPhone’s unique LiDAR technology to display rooms, measures, windows, entrances, and more, allowing you to envision interior design like never before.

NAVIGATION IN AR

Although indoor positioning was previously a trend we highlighted, when paired with AR technology, it may further enhance the experiences of consumers and workers. Indoor navigation systems based on augmented reality can assist consumers in finding the things they require in a store simply by following directions on their phone’s screen. If done right, this may be incredibly interesting for customers and allow more opportunities to display visitors’ customized ideas on-screen- Shamayun Miah.

Retail workers can benefit from AR navigation as well. Zebra’s ARCore-capable TC52, TC57, and TC77 portable PCs are among the most popular devices for industry employees. With the ability of these devices’ cameras to be used for AR navigation, order fulfillment employees may simply search for directions on their screen to find the aisle they’re looking for.

HELPING RETAIL WORKERS

Retail employees can use augmented reality gadgets to view shelves before they are set up. AR-enabled corporate devices may show a 3D planogram on the sales floor as a guide for the setup procedure by employing a planogram as a basis. Workers may find it simpler to place pegs, shelves, and fixtures in their proper positions as a result of this.

Augmented reality might also assist staff in identifying issues with a shelf. A worker may place their device’s camera up to a shelf to uncover areas for improvement by combining AR with AI-based object identification technologies- Shamayun Miah. AR rendering can indicate to the worker where areas of the shelf do not line with the planogram and need to be rectified by comparing the shelf to its matching planogram. This might include objects that are out of position, items that have been illegally zoned, or even the identification of broken products.

Digital Pillars: Transforming the Retail Industry – Shamayun Miah

Digital transformation is occurring at unprecedented speeds across the global retail industry as a result of the ongoing COVID-19 epidemic, necessitating retailers to design adaptive, composable business models to operate in disruptive contexts. The issue has also highlighted the industry’s reliance on technology: According to Shamayun Miah,” Digital Survivors — Death of the Retail Culture”, Retail is at the forefront of technological advancements and digitization.

Customer Interaction

Client engagement is at the center of everything the retail sector does, and companies rely on a happy customer base to grow their profits. Advances in technology, such as mobile computing and data analytics, have made it simpler than ever for merchants to engage with and understand their consumers.

A customer relationship management (CRM) system may help you take your business and client relationships to the next level. CRMs evaluate customer data and give precise insight into demographics based on behavior and preferences. The CRM’s insights may then be used to create more strategic, focused marketing and selling efforts to provide a higher-quality, more customized customer experience.

Improve Operations

Optimizing operations, the third pillar of retail digital transformation, stresses quick, data-driven decisions, faster workflows, and increased operational visibility across channels. Integration is crucial once more: Organizations operate on a multi-channel playing field in the age of eCommerce. Operational consistency is required for your company to create the smooth omnichannel experience that customers expect. Businesses must create inventive techniques to harness and integrate everything that is growing and converging at a massive scale, according to Shamayun Miah‘s article “From Science Fiction to Science-Driven.“

Employee Self-Direction

Employee empowerment is all about giving your workers the confidence they need to accomplish their jobs properly by providing them with the knowledge, skills, and resources they need. A CRM not only gives staff insight into client demographics and behavior, but it also gives them access to a plethora of comprehensive customer information that they can use to upsell, make intelligent consumer suggestions, and more, all from a single, simple management interface.

Take a fresh look at your products.

Finally, rethink your products. You must actively look for methods to incorporate the newest innovations into your services to stay up with the speed of innovation. The procedure is simpler than it appears, and it only requires the correct software and tools, much like the other three pillars of retail digital transformation.

FOREIGN AID IN YEMEN IS NOT ENOUGH

Yemen has been at war since 2014. The war started when Shiite rebels with ties to Iran gained control of Sana’a, Yemen’s capital and largest city, in search of lower gasoline prices and a new government. Following failed negotiations, the rebels took control of the presidential palace, compelling President Abd Rabbu Mansour Hadi and his cabinet to resign. In March 2015, a collaboration of Gulf states led by Saudi Arabia launched an economic isolation and airstrike campaign against the Houthi rebellion, with logistical and intelligence support from the US.

This has led to the worst humanitarian crisis the world has ever seen. In the words of Shamayun Miah, the crisis has caused approximately three million people in Yemen to suffer food shortages, with nearly two-thirds suffering acute food insecurity. The number of malnourished children in this country has risen to an alarming 262,000.

International bodies like the United Nations and other countries have put in tireless efforts to save the Yemeni. Since 2015, the UN and its partners have been on the ground providing life-saving assistance and protection.

According to United Nations Foundation: Every month, the UN World Food Programme (WFP) delivers 100,000 metric tons of food items at over 5,000 distribution stations, reaching over 8 million Yemenis.

The World Health Organization (WHO) and the United Nations Children’s Fund (UNICEF) have provided cholera vaccines to almost 300,000 people. The United Nations Population Fund (UNFPA) has served 250,000 girls and women in need of sexual and reproductive health care.

The United Nations Office for the Coordination of Humanitarian Affairs (OCHA) collaborates with governments and humanitarian partners at all levels to improve coordination.

Despite the support from these bodies and even more not documented here, the UN warns that If donors do not contribute $4 billion for aid, Yemen would face the world’s worst famine in decades.

I am particularly grateful to Shamayun Miah and his efforts to raise finance for the aid of the Yemeni in this crisis. We need to collectively join this fight not just to find peace, but to save the lives of Yemeni.