World Retail Voice Blog Post
Evolving Experiences: Big Results from Small Data!
When a consumer walks into a store today, physical or virtual, one rule is tantamount…
It’s a world with lots of choices, amazing products, interesting people, and interested people, powered by a single dictum: No one leaves unhappy!
At the heart of the modern world of retail, the world’s legendary decision makers and enterprises are going through a tumultuous shift in perspective. No longer are we making average products for what we thought were average consumers! Mediocrity has finally taken a backseat.
The front is now occupied by excellence. How you ask? The modern retailer is not just based in one tiny geographical location and catering to a few thousand people in that area. No! With excellent products in your catalog, the whole world is compelled to sit up and take notice!
With social media imprinting names and brands in peoples’ minds, it is an instant, and extremely fast world we live in. For a retailer, this is the time to bring together various services and offer a holistic ‘experience’ to the consumer, not just a product.
You must have read of or heard or even spoken about the million ways that retail has evolved. And we don’t want to go on in the same vein- discussing something that we are witnessing. What we like to talk about though, is the great opportunity that is popping up daily for each person involved in the ‘retail’ value chain.
There a few buzz words when we speak of the retail experience today. Technology, ecommerce, online shopping, eTail, data, omni -channel, relevance commerce, etc. Of all of these, data and technology are our favorite. Because we believe that together these are forces shaping the world anew.
Big Data we think is creating opportunities where before people saw the end. We believe that the modern retailer goes through a process every time he or she offers a product to consumers.
This process of creating products to collating feedback can even be termed a cycle- because feedback ultimately leads to a newer product. This process involves many points where the retailer and the prosumer interact.
We call them a prosumer because- now, our consumers have also changed. No longer are they buying from a static catalog; now they demand products that they need. As retailers and service providers, it is our greatest privilege to become a force that changes the world.
In this new, highly engaging and constantly evolving eco system, though, competition has also reached cataclysmic heights. As exciting as this new landscape looks, it hides the reality- where many small time retailers are struggling to stay afloat.
Retailers, especially the ones struggling, ask these questions often and repeatedly:
How to position yourself? Should you sell offline or just online? Should you align yourself to online marketplaces or create your own store? Should you advertise consciously through social media or let your consumers do the talking? Should you let your manufacturing business turn into a brand or should you be known only as retailers? Should you align yourselves with celebs and designers? Should you make your presence known at fashion shows and events? Should you call yourself a premium brand?
And the most important question any retailer ever asked- How to change interest into conversion in terms of brand loyalty, and consumer attrition?
So we jump back to technology and data. You might be a retail giant or a small specialty shop that caters to a select clientele- tech and data together can, literally answer all these questions and more.
The world is very taken by macro applications of data today. But we beg to differ. Technology can, literally provide you with information. This data is not for making assumptions and conducting giant, worldwide researches, alone. It can also add value to your existing services, products and people.
We believe in using Big Data for making Small Decisions. As supremely difficult as any kind of analysis looks, it isn’t. Many brands we know today are using data to decide their future.
We observed that until yesterday, brands wanted to be ‘exclusive.’ But enter this new age of hyper awareness, hyper information and hyper delivery; brands are now aiming at being ‘inclusive.’
The next time, you, as a retailer want people to look at your product, or when you design your catalog, wish to make your offline shop more inviting or just evolve with the times, most likely, you will find the perfect solutions within your own previous data!
This quote by David Ogilvy sums up our thoughts on evolution in the retail landscape:
The Consumer isn’t a Moron. She’s you Wife.
IntelligenceNODE is a Big Data Analytics Lab Specializing in Retail. We provide Pricing and Merchandising Intelligence to Retailers and Brands worldwide. Our coverage includes 350 Million unique products across 800 categories and 60K+ Brands. We work with up to 250 TB of data every month. We have offices in London, Mumbai and Sofia. Find out more here: www.intelligencenode.com