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Targeting the Moment of Truth: Using Big Data in Retail
Submitted by Amit Kapoor (@amitkaps) on Thursday, 24 May 2012
Section: Industry & Business Technical level: Beginner Session type: Lecture
To share insights from use of big data by retailers in the area of pricing, promotion & supply chain and understand how some of the leading retailer are using big data analytics to design the next best offer for their customer
The key moment of truth for a customer is when he or she makes the choice to take a product from the shelf and put it in to the shopping cart at a store or clicks on the add to my shopping cart button on a website.
Retailers have been for decades trying to crack this moment of truth - how to steer individuals to the right product at the right price and the right channel. Now with the capability to process big data, retailers have finally started to effectively combine customer data [like demographics, psychographics, purchase history, social, mobile and location information) with their product offerings and purchase context / channels to take crack at this problem.
In this session, we walk through the typical challenges that retailers face in this area and see how some of the leading retailers have started to harness big data to crack the code.
Amit writes, teaches and consults on a number of topics including telling stories with data, conducting analytics and data visualizations and working with small retail, consumer and internet companies to scale up. He worked as a management consultant advising consumer and retail companies over the last decade, first with ATKearney in India and then with Booz & Company in Europe. He completed his undergraduate B. Tech degree from IIT Delhi and a PGDM from IIM Ahmedabad.