Category Archives: Big Data In Retail

6 Powerful Paths To Profit Using Predictive Analytics 

Dump that shirt that isn’t selling well. Delete SKUs with low sales. Don’t carry that product line because no-one’s buying it. Jack your prices around because that’s what your competitors are doing — and in real time. Right? Well, the answer is a resounding: Don’t do it! Here’s why: It’s every retailer’s dream scenario to know what the consumer wan...
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Big Data Analytics: The 2% Solution and Other Real-Time Retail Pricing Secrets

Today’s retailers are reaching for top-line growth and increasing market share through collecting, assessing, prioritizing and executing Big Data analytics, with the latest challenge: Dynamic Pricing in real time. According to a RIS March 2014 Report, “Supercharging Predictive Analytics with Big Data,” 28% of retailers feel pressure to evolve from...
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7 Ways Humans Crucial In Predictive Analytics Of Pricing

The Big Data juggernaut — miraculous and awe-inspiring — rolls along.  On the one hand, data volumes have become so large that oftentimes only advanced analytics and other data analysis technologies can make sense of them. On the other hand, humans can glean valuable insights from data that escape even sophisticated analytics software. It’s not en...
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64% of Companies Deploy Big Data — 56% Struggle To Get Value From Their Data: A Contradiction?

Many predict that 2014 will be a breakthrough year for Big Data marketing. Yet Tom Fishburne, in his latest Marketoon, refers to observations from Gartner that 64% of companies are deploying or planning to deploy a Big Data project, yet 56% struggle to know how to get value from their data. (Gartner On Big Data: Everyone’s Doing It, No One Knows Wh...
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Retailers Who Raise Prices Will Lose Volume: True or False?

Some interesting retail pricing myths: Price is the most important factor for your customers, Right? If retailers lower prices, they will make it up in volume, Right? The market sets the price, retailers sell to the market, Right? “Everyone has perspectives about pricing” writes Scott Francis of Strategic Pricing Solutions. Scott bases his reaction...
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7 “Core” Values Retailers Can Adopt From Steve Jobs’ Visions — Plus The True Story Of How Apple Got Its Name

If you’re a little crazy, dream, hope, create, work hard, have a world view, and don’t give up,  look to Steve Jobs for inspiration. The master of creativity, freethinking, and dreaming liberated minds, people, and entire industries with his “Think Different” approach. He also paved the way for individuals and companies, including retailers, to t...
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10 Major Benefits Of Using Retail Analytics For Personalized Marketing Content

Using retail analytics, personalized marketing is based on retailers getting the right information to the right people at the right time — whether that information is email content, a new offer, or an interesting blog post.  According to a recent Hubspot article by Corey Eridon, more than 60% of sho...
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7 Ways Personalization Can Help Retailers Make More Sales

Retailers are saying goodbye to the dark ages of sending messages to general groups such as Millennials, Gen Xers, 40-year old women, teen agers, or any email address that comes into their hands. Things are starting to get personal. I’ve already written at length about what retailers know about customers from data they already have — information gl...
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17 Dynamite Internet Statistics On Which To Base Winning Competitive Strategies

It’s an understatement to say that technologies are transforming the ways consumers behave. It’s also no understatement to say that retailers had better know and understand how customers are using technologies in order to target, woo and support the customers  in the best possible ways. In other words, retailers had better put this priceless data ...
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Why Big Data Analytics Essential For Effective Target Marketing (Marketoon)

Say goodbye to the days of hit and miss mass targeting of the audience, as in, “we need a product for boomers,” or “we need to appeal to millennials” as Tom Fishburne notes in a recent Marketoon. “Identifying a target market for a brand is one of the trickiest but most essential aspects of marketing,” says Fishburne. Especially, now, with higher ex...
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What 12 Global Trends In 2013 Mean To eCommerce Competition

In their annual Global Trends Report for 2013, reported in The Economist, Thomas W. Malnight of the International School For Business Development and Strategist Tracey S. Keys, Strategy Dynamics Global SA predict that global redistribution of economic and social power will continue; there’ll be need for new ways to manage the world’s resources and...
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The Ideal Pricing Intelligence Solution

With today’s burgeoning technologies, big data mining, savvy connected consumers and overwhelming use of social media, a firm grasp of competitive pricing and assortment analytics and technology is critical to retailers to maintaining a competitive edge. Retailers, more than ever, must use a retail intelligence suite to optimize pricing opportunit...
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Even A Small Mistake in Pricing Will Have Big Negative Consequences For Your Bottom Line (Deloitte Video)

With the understanding that this video on competitive pricing and profitability management by Deloitte is aimed at business organizations, what it says about pricing in general is worth hearing for everyone, especially retailers. Deloitte Principals Julie Meehan and Mike Simonetto, in Pricing and Profitability Management: A lever worth pulling, ta...
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