The Fashion “Evolution” from a Retailer’s Perspective

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:

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What Small Businesses Think of Big Data and Analytics ?

The big data trend has been gaining traction rapidly in the international markets. Almost all the multinationals have their own data analytics arm; or they outsource this service from the many data analytics companies that excel at it.

But, it is undeniably true that many organizations today are making data waves. But, it is also the undeniable truth that most Small Businesses are yet to join this bandwagon. It’s been estimated that with the rapid spread of mobile devices and the “Internet of Things,” the world is generating more than 2.5 billion gigabytes of data every single day.

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The Promise of Large Retail Sales- Webrooming

You wish to buy new boots; you have been looking for a good design sometime now. You trawl various online marketplaces, looking for options, prices and ideas. You select a few popular brands; add them to your wish list on many of your favorite websites. You narrow down you list to three possible choices.

Now you are sure that you will buy one of the three pairs this weekend. Why weekend? Because that is when you can go to the mall of course! You can go to your favorite shop, try out a few other pairs just for fun, and finally get that coveted pair of boots too! And the trip to the mall means checking out all the new stuff, in person and even splurging a little more than you initially intended. All in all, a good day, then.

If you have done this, you will be pleased to know, you are not alone. There are many who check out products online, but end up buying at brick and mortar stores. The marketers have a new buzz word for what you are doing. They call it ‘webrooming.’

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AI- Seeing the Future!

We have heard this word many a times. Sci-fi movies are always quoting AI as if it’s a household word. Artificial Intelligence has interested scientists and enthusiasts for a long time now. Ever since mankind developed the computer, the ides of AI has taken root.

It would not be farfetched to assume that in a few decades artificial intelligence will be a large part of our lives. It already plays a significant role even today- just look at Siri or Cortana for example. These words are very familiar because we can ask them various questions and they probably answer them accurately.

Whenever we hear the words AI, our curiosity is piqued. So what’s all the fuss about? Artificial intelligence (AI) is the human-like intelligence exhibited by machines or software. . The AI field is interdisciplinary, in which a number of sciences and professions converge, including computer science, psychology, linguistics, philosophy and neuroscience, as well as other specialized fields such as artificial psychology.

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The Mandatory Opinion Piece – The Flipkart Big Billion Sale…

6th October was a landmark day for online retail sales in India. People (read millennials mostly, although others were also involved) literally changed their daily schedules so that they could log on to flipkart.com the moment the much advertised Big Billion Day Sale opened.

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Big Data and Bespoke Services

Today retailers have many strategies to attract the highly intelligent customer. Customers of goods and services are becoming more and more aware. Their knowledge of different competitors leads them to buying the best product at the lowest rate possible.

The fact that customers are aware, though, does not deter marketers from selling their products in new ways. Aiding this quest for novel ways to maximise the shopping experience is Big Data. Big data is the term for a collection of data sets so large and complex that it becomes difficult to process using on-hand database management tools or traditional data processing applications. The challenges include capture, curation, storage, search, sharing, transfer, analysis, and visualization. Everything about Big Data is rather large. The promise that big data holds is many fold.

Big data is large and complex and rather daunting if not utilized correctly. Organizations have spent millions of dollars analysing and compartmentalising big data. Big data has aided research in many scientific pursuits. The Large Hadron Collider experiments represent about 150 million sensors delivering data 40 million times per second.

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Showrooming: Trends & Observations

Usually, for many people all over the globe, getting ready for the holidays is a last minute affair. It was common to see people running from store to store striking items off their shopping lists. But now the same running around happens on websites, thanks to showrooming.

Showrooming is the practice of examining merchandise in a traditional brick and mortar retail store without purchasing it, but then shopping online to find a lower price for the same item. Many retailers have tried to compete with showroomers by slashing their own prices. Independent businesses, however, are advised to counter showrooming by adding value via included services and other tactics, such as making information and reviews more readily available to customers so that they might not choose to seek it out online.

Why is showrooming gaining popularity, though? Wouldn’t it be prudent as well as save time to directly order online? For many items this is the case. But certain items like apparels, shoes, etc, need to be seen and felt before they are purchased.

Maybe a customer is purchasing the first pair of shoes for their baby and they aren’t sure of the appropriate size. They want to try the shoes on their child. Or in other cases, they want to test the picture quality of a TV, or feel the construction of various home décor items. But when it comes to buying, price sensitivity is the biggest driver.

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The Internet of Things… Here to stay?!

With Google’s last three acquisitions — Boston Dynamics, Nest and DeepMind — it seems like it is rapidly collecting the individual pieces to put together a “real life Internet,” a network of AI-driven robots and objects that could improve transportation, manufacturing and even day-to-day consumer life.

This draws attention to the Internet of Things, a term that has captured imaginations and eyeballs.

The physical world is fast turning into virtual. Most organizations have always followed predictable pathways of communication. But now the familiar networks of information are changing. The physical world itself is becoming connected.

Information gathering now has become a primary industry as information generation is taking precedence over all else. All things, physical and virtual are getting connected through wired and wireless networks.

Every gadget you can think of is getting connected. From refrigerators to shoes, objects are becoming more than just individual things. By 2020, we will probably all be living in smart homes, travelling by smart vehicles and reaching smart schools and offices. And when we say ‘smart,’ we do not mean in the same sense as smart touch phones, we mean self updating and smart objects that know when to start working, when to stop, etc.

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