OutRetail: Busting The 3 Myths on eCommerce Intelligence
‘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.
‘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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