Social Media: Driving the New Avatar of Retail Business Intelligence

With the proliferation of social platforms, an entire universe of consumer information has opened up. With so much data being created on the social Web, the potential to use the data for effective decision making is unlimited. And with the right tools, a company can track its customers, prospects and detractors, to learn what they think, what they are saying and who is listening to their opinions. All this can be smartly integrated onto the business intelligence (BI) platforms to make informed decisions about the customer’s preferences. Social analytics can also be used to determine a range of critical factors such as the focus of a new campaign or the optimal pricing for a product.

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