Abstract
Impact of Business Analytics on Sales Growth in Large Retail Stores – Technologies have been used as a measure to improve business efficiency since the beginning. Automation has played a considerable role in managing and performing multiple tasks for large organizations. The unprecedented rise of the internet and information technology has further boosted the performance of businesses. Business Analytics may be defined as refining past or present business data using modern technologies. They are used to build sophisticated models for driving future growth. A general Business Analytics process may include Data Collection, Data Mining, Sequence Identification, Text Mining, Forecasting, Predictive Analytics, Optimization, and Data Visualization. Every business today produces a considerable amount of data in a specific way. Business Analytics now are leveraging the benefits of statistical methods and technologies to analyze their past data. This is used to uncover new insights to help them make a strategic decision for the future. Business Intelligence, a subset of the Business Analytics field, plays an essential role in utilizing various tools and techniques such as machine learning and artificial intelligence technologies to predict and implement insights into daily operations. Thus, Business Analytics brings together fields of business management, and computing to get actionable insights. These values and inputs are then used to remodel business procedures to generate more efficiency and build a productive system.
Introduction to Retail Industry in India
Indian retail industry has emerged as one of the fastest growing industries mainly because of the entrants of new players recently. Once the Indian government liberalized the economy in the 1990’s many companies vertically integrated their operations to serve a larger customer base. After 2005, large domestic corporations opened multiple stores especially in the food & general merchandise category and this led to the growth of the retail industry in India. During the same period of time, many international players entered the Indian retail market which further accelerated the industry’s demand.
India being one of the fastest growing economies in the world administers a strong platform for manufacturers, distributors and customers. Retailers are continuously trying to unlock the true potential of the industry by incorporating latest technologies such as Artificial Intelligence based data analytics, CRM tools etc. Indian retail industry has emerged as one of the most dynamic and fast-paced industries due to the entry of several new players.
India is the world’s fifth-largest global destination in the retail space and ranked 63 in World Bank’s Doing Business 2020. The sizeable middle class and nearly unexplored retail market in India are the main enticing factors for international retail behemoths seeking to move into newer markets, which will help the Indian retail business grow more quickly. The urban Indian consumer’s purchasing power is increasing, and branded goods in categories like apparel, cosmetics, footwear, watches, beverages, food, and even jewellery are gradually evolving into business and leisure that are well-liked by the urban Indian consumer.
Growth Drivers for Indian Retail Industry
- Increase in Income Level
- Increasing Awareness
- Brand Consciousness
- Growth of Shopping Malls
- Availability of Consumer Credit
Challenges for Indian Retail Industry
- Lack of Technology Adoption
- Competition from Unorganized Retail
- Operational Cost
Uses of Data Analytics in Retail Industry
- Understanding Customer Behaviors
- In-Store Experience Tracking
- Better Promotions
- Tracking the Customer Journey
- Operational and Supply Chain Improvements
Advantages of using Data Analytics in the Retail Industry
- Predicts demand and managing inventory
- Enhances customer experience
- Predicts Trends in the Market
- Finds opportunities with high ROI
- Determines location for new outlets
Components of a Project Report
A project report varies according to the MBA final year project course at top colleges, depending on the consequences and the requirements of the concerned project. But broadly, a project covers the following components:
- Title page
- Table of contents
- Introduction
- Background of the project
- Project objectives
- Methodology
- Results
- Discussion and Analysis
- Conclusion
- Bibliography or references
- Appendices
Project Report Pages : 80
Can be used in : Operations Management Final Year Project
Delivery Time : Within 2 hours.
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