What Are The Big Questions About Which Of The Following Statements About Big Data Are True Of Big Data?
Which of the following statements about big data is true of big Data? a. It can analyze consumer behavior based on their proximity to a store. b. It aims to understand the behavior of target consumers.
C. It allows retailers and suppliers both to gain better consumer insights. D. It helps improve the relationship between the customer and the store. E. One may expect that the answers to the first two questions will be “yes” and “no.” But what if the answer to question one is “yes” and what if the answer to question two is “no?” Questions like these can only be answered by those who use big Data to examine consumer behavior.
B. There has been much discussion about how big Data can help retailers improve customer service. Some experts argue that improving customer service depends upon improving the perception of customers about the company. For example, if customers believe that the retailer is offering them products that are of good quality, then they will be more likely to spend there again. Similarly, if customers believe that the retailer is not offering products of good quality, then they are likely to stay away from that retailer. Thus, it is important for retailers to offer products of high quality.
C. The key to understanding which of the following statements about big data are true of big Data is to consider its potential applications. Retailers realize that they must adopt different strategies in order to apply big Data at their retail locations. Some of these strategies include improving customer service, lowering inventory costs, and increasing sales. Thus, the question which of the following statements about big data are true of big Data is whether it can help retailers apply any of these strategies.
D. Which of the two statements about big Data is false of retailing? Retailers have already adapted some strategies to maximize the use of data. For example, some retailers have used point of sale technology to reduce the cost of running their retail locations. Similarly, other retailers have reduced the role of the sales staff because of the usefulness of technology to streamline the data that is being captured and analyzed at each retail location. Similarly, computers have been put in place to make the analysis of retail data simpler, faster, and more accurate.
E. Which of the two statements about big data is false of retailing? Retailers must continue to adapt new strategies based on what is learned from the use of big Data. While some retailers have been successful in using the new technologies and approaches, many retail locations have not yet been successful with the new approaches. As more businesses adopt the use of big Data, there will be a need for more businesses to learn how to use it effectively. As more businesses use big Data, there will be a need for more analysts and consultants who will work to change how retail stores use the technologies that are available.
F. Which of the two statements about big data is true of retailing? Some retailers have embraced big Data with enthusiasm. They have created interactive websites that allow customers to interact with their products and with the store’s business models. Other retailers still use data to analyze sales and marketing activities and determine what works and what does not. In some cases, retailers have even decided to replace some store displays with ones which are capable of interacting with data through touch screens or other technologies.
G. Which of the two statements about big data are true of retailing? In some cases, the answer to the question is yes. Retailers have learned how to make the most of big Data by using it to increase productivity, reduce expenses, improve customer service, locate new customers, and monitor sales and trends. Because many retailers have already adopted some or all of these approaches, using big Data for retail will likely become common place in years to come.