Retail data mining


Data mining in retail

Retail is possibly the most competitive industry. It is a cut-throat competitive market and every edge helps. So retailers struggle to meet customer expectations and sustain their business in an increasingly volatile market. This is where data mining can play a significant role in the retail industry by giving retailers a unique perspective to learn about their customers' behaviour and buying patterns from a computer perspective. 

In many cases, there is no choice as there is nothing but a computer that can tell you the answer to some questions, like if I drop this line, how will it affect the rest of the business. It is relatively easy to estimate how much you make from a line, but it is difficult to say what effect will the loss of this service have on the rest of the shop. Another question might be the effect of the introduction of credit card fees on my business, etc.  

To make it work, though, we need powerful computers. We use this one. It is a beast rated in the top 1% of all computers, and it will often run overnight, doing millions and millions of searches. 

Data mining has proved to be an important tool in identifying helpful information collected over time from your computer's large pool of knowledge.

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