By Morgan L.
More and more retailers today are turning to Big Data. Big Data, in terms of retail, is used to analyze and generate information valuable to retailers, including customer interests’ and current trends. Retailers use this valuable information for business forecasting. Retail executives (62%) believe that Big Data will be utilized within the next five years with 18% of these executives saying that retailers are already incorporating Big Data into their business strategy, study shows (McCormick, 2014). In fact, Macy’s is one of the first big name department stores to pioneer this Big Data movement. Other companies, such as Burberry and Kohl’s are following suit, also using Big Data in similar fashion. Macy’s, Burberry, and Kohl’s are utilizing Big Data by using conventional methods, such as online shopping, as well as taking advantage of smartphones and social media to maximize their profit and gain competitive advantage.