Black Friday and Cyber Monday sales have shattered previous records. Cyber Monday reigns supreme. And retail analytics and visualization tools have helped bring Christmas early yet again!
The digital era has drastically changed the way we make transactions. The retail industry is undergoing rapid digitization wherein more physical stores are introducing their online sales platforms. With e-retailers like Amazon realizing enormous profits and seeing continual expansion, a large number of brick-and-mortar stores worldwide are working towards upping their digital game and implementing…Continue Reading “Technological Innovations Driving the Retail Industry”
A Recommendation Engine plays a vital role in increasing the chances of a user buying a product. In today’s world, with tons of data from searched products available (thanks to the digital data explosion), it is very easy to find what people are likely to buy – just by looking at their ‘intent’ data. Needless to say, right analysis of such BIG data is absolutely necessary. This is where the Recommendation Engine comes into the picture.
The advent of ‘big data’ has completely changed the way businesses can harness the information about customers to make powerful business decisions. Data could be of any type – campaign information, customer demographics, individual transaction behavior, interactions on social networks, web usage, or satisfaction surveys etc. In this infographic, we highlight the impact of customer experience on business outcomes and BRIDGEi2i’s customer intelligence solutions.
According to eMarketer’s forecasts, worldwide business-to-consumer (B2C) ecommerce sales were expected to increase by 20.1% in 2014 to reach $1.500 trillion. The rapidly expanding online and mobile user bases in emerging markets, increases in mcommerce sales, advancing shipping and payment options, and the push into new international markets by major brands are going to be the key factors behind the continued growth. (Source: Emarketer)
Your friend has an awesome pair of boots that you wish you had. But the product in the site she bought from is sold out. What do you do? Where do you get the same pair of boots? Are there anyone else selling the same pair of boots? Are there better ones out there? But, before that, how do you even find similar pair of boots? You try using various key words to search. They do give you results, but they are not exactly what you are looking for. You know that if you go through countless number of websites that Google throws up as recommendations for you, you might find them at the end of an online catalogue after browsing through hundreds of “stuff” you don’t want to see. So what do you do? You feel, life would have been so easier, if you could just take a picture of those amazing boots and search online, and the search results will have the same, similar or better looking boots just for you.
Supply Chain & Logistics, Optimization and Analytics have been birds of the same feather flocking together since the beginning of time. However, while data had been generated at every link of the Supply Chain for decades, it is only recently that we have acquired the tools and the inclination to religiously record this data with a view to use it to generate insights and improve decision-making accuracy, speed and simplicity.
Target, Walmart and more recently Amazon – are all r/e-tail giants that have made analytics one of the key ingredients, if not the backbone of their operations as they expand into hitherto uncharted customer segments, geographical territories and business models. So what does that mean for you as a retail giant stepping your toes into the murky data lake with promises of doubloons at the bottom?
With reasonable experience in the field of Analytics, when i look back now, I must give full marks to my Uncle when it comes to Customer Intelligence. And I assure you again, he knew none of those analytical terms. I still remember spending my entire summer holiday at his shop looking for chocolates, making friends and understanding the business. It now occurs to me that he implemented all the vital customer intelligence strategies very proficiently.
Here are some anecdotes from a small town vegetable shop in Southern India and customer intelligence lessons for today’s retail world.
“After reading the title devil inside you might be reassuring you that there is no way a company can convert me into a ‘customer’ no matter what they write. I am immune! These persuasion techniques are meant for puny humans, I am above the rest!”