21 Mar Is Big Data Important in Retail? And Other Provocative Questions from Paco Underhill and Others, at Global Shop Conference
(Transcribed from Lionel’s notes on the plane…)
Global and local at retail – you need both.
Retailers need to know what is global and what is local in retail. Macy’s does this well; what are the national trends, what are local trends and needs?
What is static and what is changing?
We need to understand our failures and our victories.
The cash register tell you what your victories are ie. Sales.
Do you know what isn’t working?
It’s important to understand what isn’t working – very confrontational to look at this, though.
Big Data – are we even using it?
Everyone is talking about the importance of data – BIG DATA.
Actually we are awash in information.
We don’t have the time or the people to analyze all the data or use it, so….
So the question about big data is not that we need more data, the question is, what are we doing with the information that we already have?
I mean, what are we doing with the information that is painfully obvious?
We don’t need to hunt for data.
The question about data is really, what do we, as retailers want to have happen?
What is the result we are looking for?
No one HAS to go to the store anymore.
Because of online retailing, no one HAS to go to the store.
Shopping online is therapy for people; escapism, entertainment…
So, no one has to go to the store; they WANT to go to the store for the experience.
To “worship at the shrine of the brand” like the 50,000 sq ft Victoria’s Secret store on 7th Avenue, in Manhattan.
The importance of multi-channel retailing.
The speaker from Macy’s on the panel said that their customers who buy both online and in-store buy more, total.
So omni-channel retailing is important.
Their best customers buy from both channels…
They key question is, what do We want? As a Retailer.
Build the brand?
And What does the customer want?