While UAE is ranked as the eighth most attractive market globally for retailers, GCC retail sales are expected to reach $284.5 billion, said an industry expert, citing market reports.

The retail market in the region is driven by a significant rise in purchasing power and increased penetration of international players, added Brad Hariharan, regional director, Expotrade Middle East, a global conference and event organizer.

“The adoption of technology has changed the fundamentals of retail. To stay relevant and meet the needs of today’s empowered consumer, retailers are equipping themselves better to offer consumers personalized information and services that in turn will drive brand loyalty. Big data is a game changer in the retail segment,” he said.

“Simply put, by far the most important element that plays a critical role in establishing customer loyalty is by ensuring customers have a memorable experience at the retail outlet. To adhere to this basic need, retailers are introducing new features and transforming their customer’s shopping experience.”

By harnessing the power of big data, retailers have access to a massive amount of data and utilize it to drive significant change, discover improvement opportunities and gather crucial business insights.

Retailers are able to monitor customer buying behaviour in real time through multiple sources of data– social media, existing customer record and web browsing patterns - available at their disposal. Armed with a colossal amount of structured data, retailers are able to assess individual customer preferences, optimize merchandise selection and share customized information to capture their interest.     

Using big data analytics to predict customer buying behaviour thereby influencing decision making is one of the key topics that will be discussed at length at the 3rd Annual Smart Data Summit that will be held on May 23-24 at Sofitel Dubai The Palm Resort & Spa. – TradeArabia News Service