OutRetail: Busting The 3 Myths on eCommerce Intelligence
Introduction
‘OutRetail’ is reshaping the retail industry, challenging conventional beliefs about eCommerce intelligence. This blog aims to debunk three widespread myths and reveal the true impact of eCommerce data across retail channels.
Myth 1: E-commerce Data is Relevant for E-commerce Only
Expanding Beyond Online Channels
eCommerce intelligence, often pigeonholed as useful solely for online sales, actually plays a crucial role in unified commerce. With 81% of consumers conducting online research before making purchases , e-commerce intelligence is vital for strategic decision-making across all retail platforms.
The Online-Offline Connection
eCommerce intelligence indicates a seamless interplay between digital exploration and physical purchasing. Therefore, e-commerce data becomes a key driver in shaping consumer behavior, not just online but also in brick-and-mortar stores.
E-commerce: A Comprehensive Market Lens
Consumer Insights: It offers deep insights into consumer preferences and trends, essential for tailoring in-store offerings. Product Performance: Online sales data shed light on product performance, guiding inventory and merchandising strategies in physical stores. Market Trends: eCommerce intelligence serves as an early indicator of market trends, enabling retailers to proactively adapt their offline strategies.
Myth 2: Data Scraping from the Web Gives a Customer-Centric Market View
The Fallacy of Digital Shelf Data
eCommerce intelligence that web data scraping offers a complete, customer-centric market view is misleading. This ‘digital shelf’ view primarily reflects what brands and retailers make available online, which can lead to supply-biased decision-making.
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The Digital Basket Perspective
Beyond Available Products: This approach misses insights about popular yet unavailable products. Understanding True Demand: To grasp the market from a consumer’s viewpoint, it’s essential to analyze ‘digital basket’ data, which goes beyond mere availability. Stylumia’s Edge: Stylumia’s technology transforms ‘digital shelf’ data into valuable ‘digital basket’ insights, giving brands and retailers a competitive advantage in understanding consumer tastes and preferences.
Myth 3: Popularity Is Purely Demand-Driven
The Misconception of E-commerce Popularity
eCommerce intelligence of e-commerce products is often availability-biased. Popular items are typically those that are in stock, overshadowing the true demand for products that may be popular but unavailable.
True Demand Assessment
Factors Beyond Stock-Outs: Real demand assessment involves more than just availability; it includes analyzing supply volume and forecasting accuracy. Stylumia’s Solution: Providing insights into the true demand potential of products, Stylumia enables brands and retailers to accurately validate consumer demand trends for more informed decision-making.
Conclusion
‘eCommerce intelligence in ‘OutRetail’ revolutionizes our understanding of consumer behavior, extending its influence beyond the digital realm to all retail channels. Dispelling these myths opens up opportunities for strategic, data-driven decision-making, crucial for success in today’s dynamic retail landscape.
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Great insights, Ganesh. Integrating external market data through intelligent web scraping and trend forecasting with internal performance and customer data is essential for understanding the "Digital Basket," as you mentioned. At MAAVRUS, we excel in seamlessly combining these data sources to drive measurable improvements in the 4 Cs: CURATED product range, CONSISTENT availability, COMPELLING content, and personalized customer CONNECTIONS. #DataDrivenDecisions #OmniChannelStrategies #outsidein #insideout
Digital Transformation | Fashion and Retail Expertise | Seeking new challenges
5 个月This is a valuable resource for retailers looking to navigate the evolving OutRetail landscape. By dispelling these myths and embracing comprehensive eCommerce intelligence, brands can make informed decisions and achieve long-term success.
Democratising Loyalty at @Monet Work| Innovation & Product Leader | Angel Investor | Top 10 Corporate Innovation Leader in India 2021 | Growth strategist
5 个月Great pointers Ganesh Subramanian! It is truly surprising that this knowledge is not so obvious to a lot of people in retail even today. 1. Across organizations I have seen this happen where the teams are unable to understand the correlation between offline data and online data, specially given the phygital world that we live in. 2. In line with the above, either CDPs are not implemented or the customer journeys from online discovery to physical sales (and the many other permutations and combinations) are not meaningfully mapped. 3. White space analysis is limited to highly comparative models from competitors as against assessing consumer demands through attribute level analysis 4. Demand can also be generated! Sometimes consumers don't exactly know the innovative products can be made available.
Author | Creator- God Of Retail Management | Founder -India's most affordable alternative to MBA |
5 个月Nice article. I would love to add few cents here, may not sound specific about data view, but a very serious gap I have observed during my "God of sales"sessions with retail community partners ,in india, the store owners be it employees at brand stores or the franchise (obviously)do not even know the very basic meaning of retail! It may sound silly, but fundamentals makes all the difference what to talk about data and analytics and this is a humongous amount of wastage which needs immediate elimination, else we miss big time, building brands from india for the world. About data ,I say It is the source, where the trillion dollar answer lies, "why do I buy, what I buy"? online or offline, I see it as not business model but mode of delivery? That is the power AI is bringing,disrupting not the business but business models , a layer deeper than what digital transformation did. So it is not data visualization but data utilization whicn is going to make all the difference and with AI one who has right knowledge can utilize data and dance on the way to their customer's heart and become legendary.