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 e-commerce 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.
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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