Retail Business Decisions: Data Insight and Market Research Report

This report explores the crucial role of data insight in retail business decision-making. It examines various data types collected by retail organizations, differentiates between traditional market research and big data, and explains data capture and storage methods, including databases and management information systems (MIS). The impact of technological advancements on data utilization is discussed, along with how information is used daily within the retail sector. The report also outlines a research approach for enhancing data capture and use, emphasizing customer needs and market trends for improved strategic decision-making. This assignment highlights the significance of data management for informed decision-making in the retail industry.

DATA INSIGHT
FOR BUSINESS
DECISIONS

CONTENTS
Introduction
Main body
State what type of data is collected and used by the organisati
on
Describe orthodox market research and how this is different f
rom big data.
Explain how information is captured and stored with key refe
rences to types of databases and MIS
Describe the impact of technological development on the role
and use of data in the business decision making process
How information and data is used on daily basis in organisati
on within retail industry and its importance.
Setout an outline for research into improving data capture and
use in a retail sector
Conclusion
References

INTRODUCTION
• Every business need data insight for its operations and decision
makings. Analysing data and identifying them for smooth
operations is very important. Trends and exact insights are
evaluated with the help of effective research of business
environment and factors.
• In this presentation, type of data collection, market research, types
of database and management information systems are discussed.
Impact of technological development and use business decision
making process are discussed along with importance of how
information and data is used in organisation. Outline for research
into improving data capture and use in organisation are mentioned.

STATE WHAT TYPE OF DATA IS COLLECTED AND USED BY THE ORGANISATION
• Data collected by retail sector according to the size of their
businesses. Primary data are collected for the small operations
and functions which help managers in building the base of their
operations.
• Trend analysis, inventory movement trends and various other
trends are analysed on primary stage. After the assessment of
primary data, retail industry managers evaluate secondary data
which includes loyalty card data, sales data and market data.

DESCRIBE ORTHODOX MARKET RESEARCH AND HOW THIS IS
DIFFERENT FROM BIG DATA.
• Traditional or orthodox market research method involves
marketing and advertisements. Different techniques and
tools are used for collection of information and data which is
used by the managers of an organisation.
• Big data is different from traditional market research
because big data comprises of unstructured, large and
complex set of data.

EXPLAIN HOW INFORMATION IS CAPTURED AND STORED WITH
KEY REFERENCES TO TYPES OF DATABASES AND MIS
• Data capture is the process of information collection
from various unstructured and structured documents and
further it will be converted to readable data.
• Companies use methods of data capturing like barcode,
voice capture, manual data capture, optical character
recognition and intelligent document recognition. Most
of the retailers use data mark’s software as it is very
secure and protected in terms of data storage.

DESCRIBE THE IMPACT OF TECHNOLOGICAL DEVELOPMENT ON THE
ROLE AND USE OF DATA IN THE BUSINESS DECISION MAKING
PROCESS
• New dimensions are introduced in the retail sector with
the help of technological development. Bar codes,
payment databases and artificial intelligence supported
retail industry in strategic decision makings.
• It helps in managing all the operations in the business
along with maintaining accuracy in the inventory and
raw materials. Many virtual challenges faced by
industry are solved with the help of artificial
intelligence. In-store shopping experience is also
enhanced with the help of augmented reality and virtual
reality.

HOW INFORMATION AND DATA IS USED ON DAILY BASIS IN
ORGANISATION WITHIN RETAIL INDUSTRY AND ITS
IMPORTANCE.
• Data and information helped in minimizing operational
and legal risk of business as it stores data in secured and
protected format with the help of various software. It
increases the value of inventory, equipment, plants and
human resources.
• Due to advanced software and artificial intelligence
mangers of retail industry can reduce various operational
and transactional cost. Innovative and creative ideas can
be developed with the help of data which results in
formation of new products and services.

SETOUT AN OUTLINE FOR RESEARCH INTO IMPROVING DATA
CAPTURE AND USE IN A RETAIL SECTOR
• Retail industry should focus on customer needs, wants and
their interaction with the sector. This helps in better
understanding of the situation and behaviour and current
trends of the market. Data is stored according to the software
which is used by the retailer and categorized products
according to the analysation and collection.
• Important metrices improves market plans, tracks customers
and initiate sales. Sources should be identified critically
which should be used by retail industry like content
management system and point of sale in operations.

CONCLUSION
• From the above presentation it is evaluated that data
management helps in strategic decision making in the retail
industries.
• Various data types are used in the collection of relevant
information in the form of traditional marketing research
and big data. Organisations in retail industry capture
information and data in various types of database and MIS.

REFERENCES
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• Wright and et.al., 2021. Combining big data and marketing research to create customer insight. In The
Routledge Companion to Marketing Research (pp. 21-37). Routledge.
• Clixby, F., 2019. Operator Insight: Using Customers to Inform Safer Gambling Strategy.
• Heffner, M. and Mettrick, G., 2020. Innovation, insight and trust: Customer experience excellence
delivered responsibly in a digital world. Journal of Digital Banking, 4(4), pp.351-363.
• Mariani, M.M. and Wamba, S.F., 2020. Exploring how consumer goods companies innovate in the digital
age: The role of big data analytics companies. Journal of Business Research, 121, pp.338-352.
• Hoelscher, J. and Mortimer, A., 2018. Using Tableau to visualize data and drive decision-making. Journal
of Accounting Education, 44, pp.49-59.

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