WHY IT MATTERS: Digital Transformation
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WHY IT MATTERS: Digital Transformation
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Curated by Farid Mheir
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Ecommerce Dashboard: What it is, How to use it, and Why it matters

Ecommerce Dashboard: What it is, How to use it, and Why it matters | WHY IT MATTERS: Digital Transformation | Scoop.it

Looking at different ecommerce metrics is like gazing into the night sky: there are so many data points you can (and should) track that the information available feels...infinite. Connecting and integrating data across different channels and platforms can be a full-time job, and as a result, teams are constantly playing catch-up with all of the numbers and data points they’re tracking across spreadsheets and dashboards. Enter an ecommerce dashboard.

Farid Mheir's insight:

WHY IT MATTERS: always good to go back to basics, here for eCommerce dashboards.

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How Advanced Analysis Can Lower Churn, Increase Revenue, and Drive Growth #bigData #eCommerce

How Advanced Analysis Can Lower Churn, Increase Revenue, and Drive Growth #bigData #eCommerce | WHY IT MATTERS: Digital Transformation | Scoop.it

IN THIS GUIDE YOU’LL LEARN
- How moving beyond dashboards can uncover new growth opportunities
- Tactics for deeper analysis based on churn, product, and pipeline data
- What type of solutions inspire faster, more collaborative analytics workflows
- How top companies use Mode to accomplish these goals

Farid Mheir's insight:

WHY IT MATTERS: read this short paper to convince yourself you need to go way beyond dashboards to understand the customer behaviours.

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80 Stats on 8 topics on the Future Customer Experience Shaped By Technology highlights what's trending- Before jumping in, retailers should ask themselves: is there a business model to support this...

80 Stats on 8 topics on the Future Customer Experience Shaped By Technology highlights what's trending- Before jumping in, retailers should ask themselves: is there a business model to support this... | WHY IT MATTERS: Digital Transformation | Scoop.it

Technology is the future of customer experience. These statistics show the grow of new technology and how it impacts everything about the future of customer experience.

Farid Mheir's insight:

WHY IT MATTERS: the trends is clear, technology drives a number of business innovations in Retail. Questions is: is there a business model behind those innovations? Not always unfortunately... Nevertheless, useful insights about what's trending.

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MIT report explores the next-gen powers of AI for organizations to harness #AI technology and integrate it seamlessly into their #CRM via @MITTechReview

MIT report explores the next-gen powers of AI for organizations to harness #AI technology and integrate it seamlessly into their #CRM via @MITTechReview | WHY IT MATTERS: Digital Transformation | Scoop.it

The golden era of AI is here. But how can organizations best harness the technology and integrate it seamlessly into their CRM? This MIT report explores the next-gen powers of AI for CRM. Download the whitepaper for a deep dive on how Salesforce Platform, embedded with Einstein, turns customer data into predictive insights to deliver the most personalized, intelligent experiences for both customers and employees.

Farid Mheir's insight:

WHY IT MATTERS: this report presents some interesting use case where AI and Big Data are leveraged to automate and extend marketing capabilities for well known retailers and manufacturers.

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How mall owners can boost revenues through advanced analytics via @McKinsey #bigData #advancedAnalytics

How mall owners can boost revenues through advanced analytics via @McKinsey #bigData #advancedAnalytics | WHY IT MATTERS: Digital Transformation | Scoop.it

That said, a handful of forward-thinking malls are leading the way in advanced analytics. They’re using prescriptive and predictive analytics—built into user-friendly tools with strong data-visualization capabilities—to make smarter business decisions. In this article, we home in on how malls are using advanced analytics in an especially critical part of their business: revenue management. They’re determining the best mix of stores, understanding and planning store adjacencies that drive higher consumer spending and longer mall visits, and engaging in more-informed rent negotiations with tenants. It’s paying off: malls using these tools have increased their leasing revenues by double-digit percentages.

Farid Mheir's insight:

WHY IT MATTERS: mall owners can leverage digital technologies to improve their revenues. The analysis proposed here appears straightforward and should be considered by any mall owner. I also feel it may be used by other large rental property owners such as large retail store chains or even cities that suffer from loss of physical retail revenues.

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Artificial intelligence for High Frequency Retail - Pricing, Inventory and Margins Optimization #AI #Retail #Grocery

Artificial intelligence for High Frequency Retail - Pricing, Inventory and Margins Optimization #AI #Retail #Grocery | WHY IT MATTERS: Digital Transformation | Scoop.it

Daisy Intelligence is one such artificial intelligence vendor. The Toronto-based company focuses on retail merchandise planning: promotion, pricing and demand forecasting optimization. We spoke with Gary Saarenvirta, CEO of Daisy Intelligence with the intention of finding answers to the following questions:
Why might grocery vendors or supermarkets need AI?
How can retailers leverage AI for optimizing merchandising decision making?

Farid Mheir's insight:

WHY IT MATTERS: the article presents possible use cases for AI in grocery Big Data analysis. 

Obinna Odenigbo's curator insight, October 30, 2018 3:55 AM
AI could be very useful in the retail industry. 
 
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Sephora is #1 in this year Top100 list of Performing Retailers in Personalization #retail #bigData #customerExperience

Sephora is #1 in this year Top100 list of Performing Retailers in Personalization #retail #bigData #customerExperience | WHY IT MATTERS: Digital Transformation | Scoop.it

Check out the top-performing retailers and ecommerce companies as evaluated by Sailthru's experts in retail personalization and customer experience.

Farid Mheir's insight:

WHY IT MATTERS: personalization is a key trend in digital transformation. This list provides a good insight into who the leaders are providing great insights into the things we must do to personalize web, email, mobile, etc. customer experience

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The basics of a Funnel Marketing System are pretty simple but require many #digital #tools and #technologies to be combined to deliver metrics that have value via @funnel_io

The basics of a Funnel Marketing System are pretty simple but require many #digital #tools and #technologies to be combined to deliver metrics that have value via @funnel_io | WHY IT MATTERS: Digital Transformation | Scoop.it

What would the impact be on your business if you could improve the effectiveness of your advertising by 25%? This document outlines the different parts of a good advertising setup and provides advice on best practices.

Farid Mheir's insight:

WHY IT MATTERS: few marketing units measure the success of their advertising campaigns. This article describes what it takes to do so.

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5 Models for Engineering Personalized Digital Experiences #Amazon #Netflix #Spotify #Pinterest #Facebook

5 Models for Engineering Personalized Digital Experiences #Amazon #Netflix #Spotify #Pinterest #Facebook | WHY IT MATTERS: Digital Transformation | Scoop.it

Majority of websites are generic, one-size-fits-all, and unvarying. And email isn’t much better with manual input, static cadences, and fixed content. Marketers and audiences deserve better, though. As big data, artificial intelligence (AI), machine learning, and deep learning become larger influences and more attainable, now is the time for digital marketers to seize upon the potential these technologies offer. Brands can now build custom on-site and email experiences for individuals that are automated and personalized by incorporating predictive modeling, journey mapping, and algorithms.

Farid Mheir's insight:

WHY IT MATTERS

Learn from the best online retailers on the best ways to personalize your website and ecommerce.

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Weekend read: 350 slides Mary Meeker’s 2017 internet trends report - eCommerce is killing traditional retail #1

Weekend read: 350 slides Mary Meeker’s 2017 internet trends report - eCommerce is killing traditional retail #1 | WHY IT MATTERS: Digital Transformation | Scoop.it

The most anticipated slide deck of the year is here. Key takeaways:

  • Global smartphone growth is slowing: Smartphone shipments grew 3 percent year over year last year, versus 10 percent the year before. This is in addition to continued slowing internet growth, which Meeker discussed last year.
  • Voice is beginning to replace typing in online queries. Twenty percent of mobile queries were made via voice in 2016, while accuracy is now about 95 percent.
  • In 10 years, Netflix went from 0 to more than 30 percent of home entertainment revenue in the U.S. This is happening while TV viewership continues to decline.
  • Entrepreneurs are often fans of gaming, Meeker said, quoting Elon Musk, Reid Hoffman and Mark Zuckerberg. Global interactive gaming is becoming mainstream, with 2.6 billion gamers in 2017 versus 100 million in 1995. Global gaming revenue is estimated to be around $100 billion in 2016, and China is now the top market for interactive gaming.
  • China remains a fascinating market, with huge growth in mobile services and payments and services like on-demand bike sharing. (More here: The highlights of Meeker's China slides.)
  • While internet growth is slowing globally, that’s not the case in India, the fastest growing large economy. The number of internet users in India grew more than 28 percent in 2016. That’s only 27 percent online penetration, which means there’s lots of room for internet usership to grow. Mobile internet usage is growing as the cost of bandwidth declines. (More here: The highlights of Meeker's India slides.)
  • In the U.S. in 2016, 60 percent of the most highly valued tech companies were founded by first- or second-generation Americans and are responsible for 1.5 million employees. Those companies include tech titans Apple, Alphabet, Amazon and Facebook.
  • Healthcare: Wearables are gaining adoption with about 25 percent of Americans owning one, up 12 percent from 2016. Leading tech brands are well-positioned in the digital health market, with 60 percent of consumers willing to share their health data with the likes of Google in 2016.
Farid Mheir's insight:

WHY THIS IS IMPORTANT

This is an annual bag of goodies.

Highlight #1: retail stores are closing at record pace while Amazon opens stores. This is such a huge trend because it transforms stores from a mini-warehouse into something else: a destination for experience, service, and training. Think Apple store with the highest sales per square foot, genius bar, classes and a showroom. Amazon has pushed its Amazon GO, no lines, no registers concept and it is rolling it out slowly. This is just the beginning...

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Google tracks #creditCard transactions + mobile locations + loyalty to measure impact of #ads on store sales

Google tracks #creditCard transactions + mobile locations + loyalty to measure impact of #ads on store sales | WHY IT MATTERS: Digital Transformation | Scoop.it
If you collect email information at the point of sale for your loyalty program, you can import store transactions directly into AdWords yourself or through a third-party data partner. And even if your business doesn’t have a large loyalty program, you can still measure store sales by taking advantage of Google’s third-party partnerships, which capture approximately 70% of credit and debit card transactions in the United States. There is no time-consuming setup or costly integrations required on your end. You also don’t need to share any customer information. After you opt in, we can automatically report on your store sales in AdWords.
Farid Mheir's insight:

WHY THIS IS IMPORTANT

So many people tell me that they are not on Facebook because they want to keep their privacy. This is another proof that privacy does not exist anymore and that there is no line between online and real-world. Please all be aware and try to put into practice the tips I share during my talks on me.com and the management of your digital twin. for more, read these:

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3 Million #Instacart Orders, Open Sourced

3 Million #Instacart Orders, Open Sourced | WHY IT MATTERS: Digital Transformation | Scoop.it

Instacart is excited to announce our first public dataset release, “The Instacart Online Grocery Shopping Dataset 2017”. This anonymized dataset contains a sample of over 3 million grocery orders from more than 200,000 Instacart users.

For each user, we provide between 4 and 100 of their orders, with the sequence of products purchased in each order. We also provide the week and hour of day the order was placed, and a relative measure of time between orders.

 

Farid Mheir's insight:

WHY THIS IS IMPORTANT

In today's eCommerce world, winners do not limit themselves to building great catalogs and payment processing experience. They actively analyze data to understand customer behaviour, to provide them with exceptional information to speed-up their shopping experience, but also maybe make them buy more or more expensive products. This is a great example of such a data analysis by grocery shopping leader instacart. It provides amazing insights into grocery shopping but also has open sourced the data for others to benefit.

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New report confirms #InternetOfThings #BigData #MachineLearning Will Revolutionize Retail via @Forbes 

New report confirms #InternetOfThings #BigData #MachineLearning Will Revolutionize Retail via @Forbes  | WHY IT MATTERS: Digital Transformation | Scoop.it
  • 70% of retail decision makers globally are ready to adopt the Internet of Things to improve customer experiences.
  • 73% of retailers rate managing big data as important or business-critical to their operations.
  • 78% of retailers say it is important or business-critical to integrate e-commerce and in-store experiences, so an omnichannel experience is delivered to every customer.
  • 87% of retailers will deploy mobile point-of-sale (MPOS) devices by 2021, enabling them to scan and accept credit or debit payments anywhere in the store.
  • 90% of retailers will implement buy online, pickup in store by 2021.

 

Farid Mheir's insight:

WHY THIS IS IMPORTANT

Based on a detailed report, this article provides a chockful of stats about investments in certain technologies. Although based on a survey, it confirms certain trends that are widely accepted - so there should be no surprises for readers of this blog.

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Amazon Wants to Ship Your Package Before You Buy It: personalized "forecasting"? via @WSJ

Amazon Wants to Ship Your Package Before You Buy It: personalized "forecasting"? via @WSJ | WHY IT MATTERS: Digital Transformation | Scoop.it
Amazon was granted a patent for what it calls “anticipatory shipping,” a method to start delivering packages even before customers have clicked “buy.”
Farid Mheir's insight:

Retailers have been doing forecasting for a long time, predicting from previous sales and market conditions (and their best judgement), what to order for each one of their stores. When you have hundreds of stores, this is not a simple tasks, and it often requires years of experience - if you want to do it well. Because forecasting errors are very costly, resulting in lost sales or products that stay on shelves or racks and must be transferred to others stores, or worse, discounted at the end of the season.


I've worked on systems - from simple excel spreadsheets to more complex applications - that automate the predictive aspect and provide tools to facilitate the forecasting process. But never were the tools using invidual client profiles  to make the prediction. They always used global store-level or regional sales numbers. 


So, at least in theory, established retailers can have a leg up.


But Amazon may (again) shock retailers into a digital transformation, bringing their individual client sales data into account when doing the forecast. This will require retailers to include individual customer transactions and possibly their "wish lists" and online search information, to include in your forecasts. Data is there but few reatilers have the systems or the integration to bring this data in a timely manner to the "forecasting team" desk.


Amazon has been doing this with "replesnishment" options where they send you products on a regular schedule, so you don't have to "shop" for them: they come at your door at a predefined interval you control. And they give you rebates for sticking to your schedude (predictability is invaluable in a supply chain!).


If you do, then your forecast will undeniably be better. If you don't companies like amazon, with lower overhead, will send your clients products before they even consider going to store to see what's on the shelves!

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