Challenges of Data Analytics in Pakistan’s Retail Industry!

Challenges of Data Analytics in Pakistan’s Retail

Even though the retail industry is booming as per many reports focused on the involvement of youth in this sector. The major problem is the unorganized system that creates a great loophole in this sector and poses a great challenge to the upcoming trends like technology acquisition and data management. The major stakeholders in this sector are companies, distributors and retailers. Companies have data from the retailers that are solely provided to them by the distributor. Moreover, little effort is put by the companies through their representatives by gathering information on their pertinent areas. No matter how hard they try, they still have no accurate number of the retail sector. They might have information about the big stores and departmental stores but when it comes to kiryana stores, they are almost clueless. There are few MNCs out of about 898 MNCs in Pakistan that have the technology and resources to invest in data analytics but a huge number of companies across the country lack this vigor. This sheds light on the loopholes that exist in terms of data collection mechanisms eventually leading to poor data analytics.

An impartial analysis of Pakistan’s Retail Sector:

It is not a simple task to get data about 2.2 million retail outlets in Pakistan and the impartial analysis of the collected data intended to have retail expansion and technology acquisition is even tougher. All over the world, companies know the importance of data in the retail sector and how it can facilitate the retail expansion process. Data can lead you to great opportunities and wrong data has the potential to mislead you as well. Data has a great influence on the decision making the process.

• If you are planning to bring all the kiryana stores under one ambit and manage your supply chain accordingly, you need to have a proper understanding of data analytics because only then you will be able to know the amount of product needed in every area.
• Data analytics also helps you in gathering positive and negative feedback from the kiryana store owners and directly from the customers as well.
• The best part is that the data revealed through data analytics is quite contrasting from the company’s assumptions.
• Companies who are leading the retail industry know the significance of data analytics and they are partnering with research experts to know their demand in various areas, they are also involving retailers of all levels in this process.

Challenges of Data Analytics in Pakistan’s Retail

Technology solution to data analytics challenges faced by Pakistan’s retails sector:

The retail industry of Pakistan is complex and a solution is needed to overcome the challenges posed to data analytics. The data collected by companies must be transparent and it must include various factions of the retail industry. No company can accomplish its objectives by solely relying on the figures collected from hypermarkets and big departmental stores. An all-inclusive data must include small retail shops, kiryana stores, paan shops and every other venture dealing in retail. Purposive sampling is not going to be helpful in this regard. You can manage things by having an all-in-one strategy. You must have a technological solution to these issues by having online surveys through email service and other marketing tools. Companies can also co-partner with other companies to have shared data analytics that will facilitate all the stakeholders at the end of the day.

Challenges of Data Analytics in Pakistan’s Retail