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Influence of technological advances and change in marketing strategies using analytics in retail industry

Author

Listed:
  • Jasmine Kaur

    (Lal Bahadur Shastri Institute of Management)

  • Vernika Arora

    (Lal Bahadur Shastri Institute of Management)

  • Shivani Bali

    (Lal Bahadur Shastri Institute of Management)

Abstract

A nexus of technological advances and an increasingly competitive environment of the retail industry has taken the phrase, “Customer is the King” to a new tangent altogether. It has been observed how combination of technologies along with analytical concepts of video analytics, social media analytics, wireless analytics and smart vision systems on marketing concepts like market basket model, value-based customer segmentation, campaign planning, etc. can impact the customer satisfaction and reduce the customer churn rate. An effective amalgamative implementation of these concepts will help enhance customer satisfaction and help the retailers gain an edge in the competitive market environment. The aim of this paper is to understand the technological advancements along with the impact of data analytics in the retail sector and to capture and retain maximum customers by conceptualizing effective merchandising and marketing strategies.

Suggested Citation

  • Jasmine Kaur & Vernika Arora & Shivani Bali, 2020. "Influence of technological advances and change in marketing strategies using analytics in retail industry," International Journal of System Assurance Engineering and Management, Springer;The Society for Reliability, Engineering Quality and Operations Management (SREQOM),India, and Division of Operation and Maintenance, Lulea University of Technology, Sweden, vol. 11(5), pages 953-961, October.
    • Handle: RePEc:spr:ijsaem:v:11:y:2020:i:5:d:10.1007_s13198-020-01023-5
    DOI: 10.1007/s13198-020-01023-5
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    References listed on IDEAS

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    1. Shankar, Venkatesh & Inman, J. Jeffrey & Mantrala, Murali & Kelley, Eileen & Rizley, Ross, 2011. "Innovations in Shopper Marketing: Current Insights and Future Research Issues," Journal of Retailing, Elsevier, vol. 87(S1), pages 29-42.
    2. Grewal, Dhruv & Roggeveen, Anne L. & Nordfält, Jens, 2017. "The Future of Retailing," Journal of Retailing, Elsevier, vol. 93(1), pages 1-6.
    3. Khare, Arpita, 2011. "Mall shopping behaviour of Indian small town consumers," Journal of Retailing and Consumer Services, Elsevier, vol. 18(1), pages 110-118.
    4. Nicky J. Welton & Howard H. Z. Thom, 2015. "Value of Information," Medical Decision Making, , vol. 35(5), pages 564-566, July.
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    Cited by:

    1. Himadri Sikhar Khargharia & Muhammad Habib ur Rehman & Abhik Banerjee & Federico Montori & Abdur Rahim Mohammad Forkan & Prem Prakash Jayaraman, 2023. "Towards Marketing 4.0: Vision and Survey on the Role of IoT and Data Science," Societies, MDPI, vol. 13(4), pages 1-15, April.
    2. Pascucci, Federica & Nardi, Lorenzo & Marinelli, Luca & Paolanti, Marina & Frontoni, Emanuele & Gregori, Gian Luca, 2022. "Combining sell-out data with shopper behaviour data for category performance measurement: The role of category conversion power," Journal of Retailing and Consumer Services, Elsevier, vol. 65(C).

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