Before we say anything else, we are at Collision Conference, Booth No.154 today! Meet us in Vegas!
And now, on with the story. Since we love stories, here’s a special one for you today:
Mr. Bond (a fictional character- you know him well), has finally dipped his toes into the sea of eCommerce. It’s very similar to a physical store where he can pick what he wants; But there is a fundamental difference, he cannot go to a trial room and see how he looks while wearing a ‘regular fit straight leg ’pair of jeans. And yet, he sees a model with a similar build wearing it, likes the cut and decides to buy it.
But, he finds, the pair of jeans, branded GAP, a tad expensive. So he decides to find a good deal; maybe a discount or a sale will reduce the price of that much coveted pair of GAP jeans? This means he has to skim various e-commerce portals- to compare prices; once done, he even looks for some coupon sites on-line, where he is likely to get a good discount on anything out there. After all this ‘study,’ he finally ends up buying the jeans with 10% off on the first price he saw.
Think back- have you ever yourself been in this situation or at least a part of it? Most buyers go through various scenarios involving these activities. We have been through this same situation too. Which made us think- when ecommerce is supposed to make our lives easier, why should it take so much effort for a consumer?
It should not! Which is why at IntelligenceNODE, we have perfected the art of understanding the unspoken! Working with what Big Data, especially retail, has granted us the unique opportunity to understand people and processes alike. From insights to conjectures and decisions- we help you, the retailer, decode and design!
Let us look at a product life cycle from the ‘data’ point of view.
We realized, after studying various processes and ideas, that each separate process gives rise to a data point, as we like to term them. All of these data points involve a bevy of people, who make it possible for the industry to move forward. It looks like a behemoth. But, as they say, the devil is in the details.
And each point of contact mentioned here constitutes a key- to unlocking the way forward for you dear retailer! In a boundary blurring world, like any e-commerce marketplace or portal, making wrong decisions can be a costly affair.
The Consumer isn’t a moron; She’s Your Wife!
– David Ogilvy
So, how can you benefit from this Data we keep going on about?
For this very purpose, we bring you a few insights which become questions, if not handled disruptively.
The greatest problem e-commerce ever faced. Period. But no more, really! We have studied and understood the hurdle that ‘sizes’ can become. And found the answer as well. Personalization is after all, the best way to cater to any consumer today!
There was a time, when industry insiders literally used averages to define the right price. Companies set their ‘scouts’ to trawl various prices on-line. And these people would then draw up a rule book with the prices of similar products; but now, people have realized that pricing is one of the most sensitive and dare we say it, decisive factors, especially in the e-commerce sphere.
You need to know how your competition is pricing their products; what are the discounts and sale strategies employed by all and sundry. Why would a consumer buy sunnies for $300 when they could get the same for $150?
Be it pricing intelligence, assortment intelligence and even product bundling, we know, that with the right answers at your fingertips, you can successfully craft perfect prices. In short, a great price pushes people to make a positive purchase decision.
In fact, so important is pricing that in 2014, Black Friday pulled out a whopping 87 million people into shops and malls and online just because of discounts!
We are sure you have looked at quite a few retailers to buy products yourself. And you will find, without fail, that various websites define similar products in different ways. While these categories make it easy for the consumer to understand a product, they can be a landmine of information for you, dear retailer!
These filters, clicks, etc.- that divide your products into various categories, can become a trademark, a roadmap if you will, of the consumers’ likes and desires. And your way forward is illuminated. For example, cardigans are both casual and sleep wear for many. But it depends on how you categorize the product, that you get a response.
As they say, Ask and Ye Shall Receive!
Your categories define your product strengths. And so you can we derive planograms, great layouts, etc, which attract consumers and manage to retain their attention with time. You can make supposedly difficult decisions, without automation and innovation. And that no longer elusive goal, customized displays for each visitor.
The world is going mobile. And so are we. From media to thought, everything is becoming mobile. Consumption depends on attitudes more than ads. And ability dictates attitude. But unsurprisingly, it is very possible to become ‘able’ today.
With so many resources at your fingertips, we know that you have already made a brilliant cocktail of progressive ideas. When you can achieve perfection through simplicity, why use any other method? At IntelligenceNODE, we endeavour to support you through the journey of self discovery!