Friday, January 8, 2010
Analytical Retailing
Recently there was an article about how retailers are using computing powers to study how consumer behavior as well economics can be used to study as well as affect customer shopping. The article further talks about analytical software being used to understand consumer patterns. It talks about how web applications are playing a role in consumer choices for shopping; so we can say power is shifting more from retailer to the consumers. The article further states and I quote "The company also uses analytics software to optimize operations — including marketing, shipping, distribution and manufacturing." To add a bit retailers are also realizing importance of demand based pricing optimization which is the heart of pricing suite of products for JDA. Of course the article is US retailing-centric but these changes would happen in India as organized retail grows. Here is a link to the article.........http://www.nytimes.com/2010/01/03/business/03unboxed.html?ref=business
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Nice Article. As you rightly mentioned,it is still a challenge to study the Consumer Buying behavior in a Retail Store.The way the consumer moves,sees,feels and finally buy a product inside a Retail Store.To some extent, the evolution of RFID can solve the problem of Consumer tracking. But the same need to be authenticated and being it so costly,the affordability of the same is still a question mark.
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