This report provides a comprehensive analysis of the role of data within the retail industry. It begins with an introduction highlighting the significance of data in organizational growth and effective strategy formulation. The main body delves into various data types, including big data and first, second, and third-party data, comparing orthodox market research with big data methodologies. The report then examines information storage using Management Information Systems (MIS), and discusses the impact of technology development on decision-making processes within retail organizations. Furthermore, it explores how data is utilized to enhance customer service, forecast market trends, and improve overall profitability. The report concludes by summarizing the key findings and emphasizing the importance of data in retail operations, also suggesting methods to enhance data capture and application in the sector.
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