How 3 Companies Are Using Big Data To Change Retail
July 30, 2013
•Retail Merchandise Management, IADT General
• 0 Comments
Could big data be the solution to getting ahead of the fashion curve? These three companies say yes.
Big data refers to a collection of data sets so large and complex that they are difficult to process using traditional applications. These sets can be created from a single large set of related data that allows correlations to be found. Though it is difficult to work with, applying big data to retail allows merchandisers and marketers to discover important factors that affect consumer buying habits.
Learn how these three companies are using big data to analyze consumers and to specialize their retail merchandise management techniques:
“If you’ve seen the movie Minority Report, we want to be the pre-crime of shopping. We are going to get that pair of black boots in front of you a month before you search for it or respond to traditional marketing.”
Founder: Joe Einhorn
Fancy is a website that allows users to share and collect goods. Added goods form a crowd-curated catalog that allows users to buy directly from Fancy. Fancy has been compared to Pinterest – and there are similarities. Yet, Fancy was designed “around brands, the ability to purchase and the overall consumer experience” according to Kristen Nicole of Silicon Angle.
The drive behind Fancy is to get consumers in contact with their needs and wants immediately – or before they even know they need or want it. Using big data and predictive analytics, Einhorn believes Fancy accesses consumers at the point of intent and ensures a beautiful, fluid consumer experience unlike anything else on the Web today.
“When you look at an individual, you need to look at them from a different mode. You need to go below the individual.”
CEO: Scott Swartz
As noted on their website, MetraTech’s goal is to “simplify and enable global commerce innovation, while helping businesses respond to an ever-changing customer and partner relationship landscape.” They specialize in helping companies use data to predict consumer behavior and to connect online retailers, explains Mellisa Tolentino of Silicon Angle.
By examining consumers, their needs and how that influences their agreements with sellers, MetraTech can offer businesses the ability to adapt to new markets and new business models. This is all fueled by big data research, which provides MetraTech with a complete understanding of the individual buyer.
“If you package your analytics around action, it must be more digestible and usable. We want to be able to do predictive analytics and tell [a retailer] which products are beginning to trend and might go out of stock in two weeks.”
CEO: Sharad Verma
Piqora is described as the complete marketing suite for Pinterest. The company allows their clients to see trends as they are evolving on Pinterest. Clients can see what products are being pinned, what people are saying about them, and how their sales reflect a product’s popularity on Pinterest.
The company sees big data as a learning curve; it allows them to focus on analytics and content management. In this way, Piqora bridges the gap between analytics and action.
Interested in using big data in Retail Merchandise Management? Talk to your degree program advisor about other applications for it and how other companies are increasing their sales by using big data.