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Big data

HelB

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Mar 18, 2021
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How Big Data can help retailers? I'm thinking about starting a business in this sphere.
 

superstar_88

The Chiseler
Jan 4, 2008
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Big data more personalized they know exactly the habits of individuals like which sp's you frequent.
 

NewZee

New member
Nov 29, 2018
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How Big Data can help retailers? I'm thinking about starting a business in this sphere.
The retailers have algorithms that can compute the optimum price (and even shelf placement) of particular products. They can also analyze buyers habits to target advertising to maximize sales.

Often, any given algorithm only optimizes one step of the advertising / sales experience, so it is important to understand the method being used to estimate success. The algorithms are often goal oriented. For instance, more people looking at your website doesn't translate into sales. People spending more time in your store (particularly for men) doesn't always translate into sales either. It could mean people are getting frustrated and giving up. Similarly, if the focus is sales revenue, the algorithms will tell you to give away lots of product cheap. They will often do it in subtle ways too. Be careful.
 
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