Market Trends of Brazil Big Data Analytics Industry
The Retail and Consumer Goods Segment is Expected to Register a Significant Growth
- Brazil's economy is more dynamic overall, and its retail and consumer products segment is more active than other North American nations. Brazilian businesses are catching up and have gone through a significant corporate modernization and retail transformation process. This has accelerated the internal market's expansion, which has been strong and is anticipated to continue.
- In Brazil, the retail and consumer goods segment owns a sizable portion of the supply chain big data analytics market. The increase in data sources produced due to deploying IoT solutions, beacons, and radio-frequency identification (RFID) technologies throughout the supply chain is anticipated to offer enormous growth prospects.
- Social media comments heavily influence Brazilian consumers; thus, they may decide against buying a product with many unfavorable evaluations. Brazilian consumers are increasingly making purchases online rather than in physical stores, which has increased the demand for big data analytics to understand the customer better. E-commerce has been gradually developing in Brazil. As per data by NeoTrust, fragrances and cosmetics is a leading category in e-commerce purchases by Brazilian consumers, contributing 15% of sales.
- Big data is powering artificial intelligence (AI), which is expected to continue revolutionizing the retail and consumer goods segment. Brazil boasts many big data companies that manage data for marketers, retailers, and e-commerce companies. These companies offer services that enable accurate inventory forecasting, customer segmentation, and personalized customer engagement.
- Moreover, retailers in the country adopt IoT solutions and devices to analyze customer data, track stock levels, and strengthen customer relationships. These technological improvisations enable better tracking of the products across the supply chain and help gain a clear understanding of customer behavior.
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Emerging Trends such as Social Media Analytics to Witness the Growth
- Big data analytics is in great demand as firms in the area seek to use information assets to improve client interactions, commercial outcomes, and operational efficiency. Moreover, the regional hub in Brazil contributes toward advancing big data and data science, which helps develop official statistics and creative initiatives in Latin America and the Caribbean. It hosts a series of webinars to present experiences using alternative data sources, allowing the learners to produce reliable indicators.
- However, new big data analytics developments are anticipated to expand regional company opportunities greatly. Examples include text analytics and social media analytics. Moreover, many firms have selected a variety of advertising campaigns, product promotions, and other types of promotions that rely mostly on social media event marketing due to social media's better effectiveness over more traditional means of advertising.
- Additionally, the increasing use of internet-connected smartphones and tablets and the continually growing user base on social media platforms are propelling the growth of social media analytics. With increasing technology usage, players have created a data-rich environment, highlighting the growing demand for advanced data analytics to extract crucial information.
- Also, "social and site analytics" in big data analytics refers to extracting information from social media sources, processing it using big data technologies, and then providing statistics-based insights to businesses to support their decision-making processes. According to data, WhatsApp is the most popular social media platform, followed by Instagram, among content consumers in Brazil. It allows companies to conduct surveys regarding a new launch of products using these platforms and invest in analyzing consumer preferences based on data.
- Interpreting key social trends may help organizations get a competitive edge over rival companies, as maintaining an active social media strategy has been crucial in recent years. Social media players collect data that helps them derive insights and support informed decision-making. Deploying big data analytics allows them to analyze customer behavior toward a specific brand and their preferences based on likes, shares, comments, and content interaction and accordingly develop the content strategy. It will enable marketing companies to share targeted products in consumer feeds to improve customer experience and enhance productivity by giving customized advertisement content.
