Big data and cloud computing are revolutionizing the retail industry by providing real-time insights.
Big data refers to massive volumes of data generated in retail, while cloud computing allows storage and processing of this data on remote servers.
Real-time insights enable retailers to react quickly to market conditions, optimize inventory, and enhance customer satisfaction.
However, integrating disparate data sources, high costs, privacy concerns, and the need for skilled personnel are challenges that retailers face in leveraging big data and the cloud.