At the rate that technology is currently changing, it’s no wonder that the retail space appears to be trapped in a perpetual transition period. From the decline of brick-and-mortar stores in recent years to the diverse options available to eCommerce retailers, having a multichannel marketplace — that is, one comprised of a combination of shopping cart systems, eCommerce marketplaces and brick-and-mortar stores — is fast becoming the norm. In fact, research shows that retailers selling on two marketplaces as well as its own shopping cart earn 120 percent more than businesses without that multichannel marketplace presence.
Ask any consumer what rationale guides their decision-making when it comes to retail purchases, and pricing will almost certainly emerge as one of the most prominent considerations. Because of this, business owners understand that the strategy they apply to their pricing can make all the difference in the long-term success they achieve (or don’t achieve) with their customers. However, though the importance of pricing is well-known, the tools available to optimize it may not be in place when it comes to your business. In particular, automated price monitoring may prove to be a major factor in boosting your sales.
Showrooming is the practice where shoppers examine items during store visits, but choose to buy them online because they are cheaper there. Online retailers are in a position to offer better deals as they don’t have to bear the same operational costs as their brick-and-mortar counterparts. Effectively, traditional retailers unwittingly act as showrooms for ecommerce portals.
Fashion is subjective, they say. And ever evolving. As this interesting take on the history of shopping dictates.
Today fashion is synonymous with bold prints, beautiful colors, and clothes tailored to suit the global citizen. Today, fashion is the first frontier one has to cross. As they say, ‘The first impression matters.’ And today, the first impression is based on clothes, individual style, etc.
The way to a man’s heart is through is stomach, they say. And the way to a woman’s heart? Why diamonds of course!
Bling has always been a part of popular culture. From princess to pauper; and princes too; have always loved jewels. These portraits of the Indian kings and queen, princes and princesses, of as recently as the 1800s, show just how important a status symbol, these stones have become!
Ever since man discovered mining and metallurgy, making ornamentation to adorn the person has been a pursuit in perfection. And many crafters of fine jewellery today are held in high regard. Names like Cartier, Tiffany’s, Van Cleef & Arpels, Christies, etc, are famous, simply for their association with luxury jewels.
Remember seeing the words, ‘you might also like’ while you are shopping on-line? Or the ‘people you may know’ on LinkedIn or Google Plus? How many times have we actually stumbled upon these words and ended up clicking them, just to find out a little something different?
When Big Data is mentioned, ‘benchmarking’ is often mentioned in the same breath. As amazing and accurate as benchmarking with data is, it is not the end all of big data. There is something more to Big Data- that gives it so much more value. It is called a “Recommendation Engine” in industry lingo.
Recommendation is that one step ahead of benchmarking or comparing data. Because, comparing data against your competitors is great from a ‘getting insights’ perspective. The next logical, and often-times undeniably important step, is using those insights productively. A recommendation engine is what turning insights into actions is all about.
The latest fad on Instagram that has all the women (and quite a few men) swooning is this account called “Hot Dudes Reading.” The idea was simply an extension of daily observations. And only a couple of weeks after the account was created, it already had more than 300K followers!
#HotDudesReading is proof of the fact that we may have the most amazing technologies, but certain things, like a good paperback book, are a large part of the human imagination. In our interactions with retailers, we at Intelligence Node find that there are certain such things, or maybe sensations even, that unconsciously influence our decisions on the path to purchase.
We have been studying how the modern and very aware mind is also compelled by brilliant retailers, to think over a negative and purchase an item! A popular term now, ‘neuromarketing,’ is often used by large retailers to understand their consumers’ responses to marketing stimuli.
After associating with some of the progressive retail houses, we have also deduced that modern day retailers are taking neuromarketing to a new level. Now, it has become clear, that only 5% of our buying decisions are made consciously- the remaining and staggering 95%- are influenced!
The ephemeral global apparel business is a challenge to stay in and adapt to. The size of the global apparel business is growing exponentially and is expected to generate double digit growth between now and 2020, much of it coming from developing markets.
In a world so saturated with choices, retailers and manufacturers are having to change their ideas about fashion with the speed of light, or perish!
As a Data Analytics Lab, specializing in retail, with a deep and intuitive understanding of the apparel- retail industry, we at IntelligenceNODE have been studying consumers of fashion for quite some time. And our observations have been very interesting, especially from a retailer’s perspective.
We discovered 3 main types of fashion consumers:
E-Tail has become a booming business all over the world. While online retail contributed just about 0.4% of the overall retail market in 2014 (India), it is expected to reach 3 per cent of the total retail at $32 billion by 2020, according to a Technopak study.
This is supported by the mobile internet traffic statistics as well. Mobile data traffic in India is projected to grow 24-fold between 2013 and 2018 at a CAGR of 88 per cent. Clearly, an indication of the way the winds blow.
But as amazing as the ecommerce numbers sound, there is an aspect of e-Tail that we all have not given much thought to. Ever wondered what happens to those products that we order online, maybe try out, and send back to the e-Tailer?