The Application and Improvement of XBRL in China’s Retail Industry in the Era of Big Data

With the continuous development of the Internet, the business mode of China’s retail industry is transformed the traditional entity store into online store. As a result, more comprehensive data will be produced and saved, which makes retailers get them more easily. China’s retail industry ushers the advent of the era of big data. How to excavate and make use of these data to become useful information is the key to the development of this industry. As a new financial reporting language, XBRL can process multidimensional data in complicated structure, tag metadata, retrieve data rapidly and precisely and extend tags. So, it has the ability to process big data. This article discusses how to use the characteristics of XBRL and the attribute of data to make connections among retailers’ financial information, its customer management, supplier management and order management, then help companies make business decisions and obtain greater value appreciation. On the basis of it, this article also suggests revising the XBRL taxonomy standard elements.