An appraisal of the role of data analytics in improving retail decision-making: A study of retail businesses in Bauchi State
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style:
- Recommended for :
- NGN 5000
Background of the study
In recent years, data analytics has emerged as a powerful tool in retail business management, providing actionable insights that help businesses make informed decisions to improve operations, optimize pricing, enhance customer experience, and increase sales (Olajide & Muktar, 2023). Retailers are increasingly adopting data analytics to drive decisions related to inventory management, customer segmentation, sales forecasting, and promotional strategies (Suleiman & Adebayo, 2024). In Bauchi State, as in many other regions, retail businesses are striving to harness data analytics to maintain competitiveness in a rapidly changing market.
The potential benefits of data analytics in retail decision-making are vast, ranging from personalized customer interactions to improved inventory control. By analyzing customer data, purchasing trends, and sales performance, retailers can better understand consumer behavior, optimize their supply chains, and create targeted marketing campaigns. However, despite the growing recognition of the value of data analytics, many retail businesses in Bauchi State have yet to fully realize its potential. This study seeks to assess the role of data analytics in improving decision-making processes within retail businesses in the state.
Statement of the problem
Although data analytics holds great promise for improving retail decision-making, many retail businesses in Bauchi State face challenges in adopting and effectively implementing data-driven strategies. Retailers may lack the necessary technological infrastructure, skilled personnel, or data management practices required to leverage analytics to its full potential. As a result, retail businesses may miss opportunities to improve their decision-making, leading to inefficiencies, lost sales, and suboptimal customer engagement. This study aims to assess the current state of data analytics in Bauchi State's retail businesses and explore how its use can improve key retail decisions.
Objectives of the study
-
To evaluate the role of data analytics in improving decision-making processes in retail businesses in Bauchi State.
-
To analyze the impact of data analytics on inventory management, pricing strategies, and marketing decisions in Bauchi State's retail sector.
-
To explore the challenges faced by retail businesses in Bauchi State in adopting and utilizing data analytics for decision-making.
Research questions
-
How does data analytics improve decision-making processes in retail businesses in Bauchi State?
-
What impact does data analytics have on inventory management, pricing strategies, and marketing decisions in Bauchi State's retail businesses?
-
What challenges do retail businesses in Bauchi State face in adopting and utilizing data analytics?
Research hypotheses
-
The use of data analytics significantly improves decision-making processes in retail businesses in Bauchi State.
-
Data analytics positively impacts inventory management, pricing strategies, and marketing decisions in retail businesses in Bauchi State.
-
Retail businesses in Bauchi State face significant challenges in adopting and utilizing data analytics for decision-making.
Scope and limitations of the study
This study will focus on retail businesses in Bauchi State, specifically assessing the use of data analytics in improving retail decision-making. Limitations include the availability of data, especially from businesses that may not have fully implemented data analytics, and the potential reluctance of businesses to share information about their internal decision-making processes.
Definitions of terms
-
Data Analytics: The process of analyzing large sets of data to extract meaningful insights that can guide business decision-making.
-
Retail Decision-Making: The process by which retail managers make strategic and operational decisions based on market trends, customer behavior, and business data.
-
Inventory Management: The process of ordering, storing, and tracking products to ensure optimal stock levels and reduce costs.
Related Project Materials
An empirical study of innovation ecosystems and business scalability: A case study of startups in Zamfara State.
Background of the Study: Innovation ecosystems refer to the network of relationships, resources, and actors that contribute to the development and...
PUBLIC PERCEPTION ON EFFECT OF DRUGS ABUSE ON YOUTHS ACADEMIC PERFORMANCE: A STUDY CASE OF LOKOJA, KOGI STATE
Background of the Study
Drug abuse has transformed into a worldwide issue negatively impacting n...
An examination of the role of public health nurses in cardiovascular disease prevention in Osun State
Background of the Study
Cardiovascular diseases (CVD) are the leading cause of death globally, with lifestyle factors such as diet, physical...
A critical analysis of crisis response strategies on consumer behavior: Evidence from a retail bank in Abuja, Nigeria
Background of the study
Crisis response strategies are crucial for mitigating the adverse effects of unexpected events on consumer behavi...
An Examination of the Effectiveness of Financial Regulations in Preventing Fraud in Nigerian Capital Markets: A Case Study of NSE
Background of the Study
Fraud in capital markets poses significant risks to investors, financial institutions, and the e...
PHYTOCHEMICAL AND ANTIMICROBIAL STUDIES ON THE STEM-BARK OF COMMIPHORA MOLLIS (Oliv. ) Engl. (BURSERACAEA)
ABSTRACT
Commiphora mollis is traditionally used in the treatment of fever (malaria and typhoid) wound healing, cancer, ulcer and rheumat...
An evaluation of classroom management strategies and their impact on student discipline in secondary schools in Dala LGA, Kano State
Background of the study
Effective classroom management is a cornerstone of a conducive learning environment in secondary sc...
An Analysis of the Effect of Urban Rail Systems on Economic Productivity in Nigeria
Background of the Study
Urban rail systems are emerging as transformative solutions for modernizing urban...
An assessment of digital transformation progress on reducing operational costs in banking: a case study of Co-operative Bank of Nigeria
Background of the Study
Digital transformation has emerged as a strategic imperative for banks seeking to streamline operat...
SOCIAL MEDIA AS AN EFFECTIVE COMMUNICATION AND FEEDBACK PLATFORM FOR PUBLIC RELATIONS
ABSTRACT
The core objective of this research was to examine the influence of Social Media as an effecti...
