The Retailers Challenge = BIG Data

Retailers + Brands and Consumers + Shoppers = it’s love, maybe a 1-sided love affair, but it is there since forever.

Retailers and Brands cannot live in a world where consumers and shoppers do not exist, thus they need to take good care of them and fall in love with them every day and grow this love just to keep them coming their way because they are their only raison-d’être to open their stores every morning.

The retailers BIG Data should consider in the overall perspective:
_ Forecast & Replenishment Demand
_ Historical Purchases
_ Seasonality of Products and Events
_ Local & National Events
_ National and International Holidays
_ Strikes (if any)
_ Promotions & Their Effect
_ Weather Effect

Then in the more personalized part of the love affair with its clientèle:
_ The Store Location
_ The Neighborhood
_ Its Customers & Shoppers Profiles
_ The Surrounding Competition
_ Some Other Specifics

Reading Recommendation

SMALL DATA by Martin Lindstrom

Hired by the world’s leading brands to find out what makes their customers tick, Martin Lindstrom spends three hundred nights a year overseas, closely observing people in their homes. His goal: to uncover their hidden desires and turn them into breakthrough products for the world’s leading brands. In a world besotted by the power of Big Data, he works like a modern-day Sherlock Holmes, accumulating small clues to help solve a stunningly diverse array of challenges. Lindstrom connects the dots in this globe-trotting narrative that will fascinate not only marketers and brand managers, but anyone interested in the infinite variations of human behavior.

Small Data combines armchair travel with forensic psychology into an interlocking series of international clue-gathering detective stories. It presents a rare behind-the-scenes look at what it takes to create global brands, and along the way, reveals surprising and counterintuitive truths about what connects us all as humans.