Michael Steinhart

Plugging Big Data Into Small-Scale E-Commerce

NO RATINGS
View Comments: Newest First | Oldest First | Threaded View
Page 1 / 2   >   >>
kq4ym
User Rank
Data Doctor
Helping Amazon or Sellers Increase Profits?
kq4ym   10/30/2013 10:45:24 AM
NO RATINGS
It would seem to me that the programs described are mostly going to benefit Amazon, helping to push prices downward and seller compete in the online market, usually by lowering prices as recommended by the program as it sees lots of competitive pressure.

Sellers may think this is the best thing since slice bread, since it seems to scientific and all, but just look who's leading the way and promoting the idea....Amazon.

tomsg
User Rank
Data Doctor
Great idea
tomsg   10/30/2013 10:43:43 AM
NO RATINGS
This product sounds like a great idea. It helps a merchant win orders, at the best price he can get at the time. This is soo much smarter than just having an everyday low price.

Zimana
User Rank
Blogger
Re: Pricing strategy
Zimana   10/29/2013 11:07:15 PM
NO RATINGS
That chaos can multiply depending on the analytics application for mobile - I am reviewing features set for two solutions and realized that analytic data is not sent in real time in some conditions.  So it can be possible to miss some data that is important to a trend.  I need to understand more fullt, but it begs the question of how much delay is detrimental given the push for remarketing strategy. 

PredictableChaos
User Rank
Data Doctor
Re: Perfect information
PredictableChaos   10/29/2013 6:24:02 PM
NO RATINGS
 

Maybe it's time to invent the "limit order" for purchasing items from online retailers.

Limit orders are used for stocks.  Imagine, for example, that a certain stock is worth $17 (to me), but it's currently selling for $20.  I can place an limit order to BUY that stock at $17. Then I can go away and forget about it - if the price dips to $17 anytime in the next couple of months, my order executes and I've bought that stock.

So, how much is toothpaste really worth?

 

SethBreedlove
User Rank
Data Doctor
Re: Pricing strategy
SethBreedlove   10/29/2013 2:27:09 PM
NO RATINGS
:) It could also create chaos of your favorite toothpaste is changing prices every five minutes.  

Though, this technology is needed, especially since consumers can compare prices online in real tie. 

Michael Steinhart
User Rank
Blogger
Re: Perfect information
Michael Steinhart   10/29/2013 12:24:58 PM
NO RATINGS
That's interesting, Jeff, but in this case, the analytics are working in favor of the seller, not the buyer. What kinds of programs are available to the purchasing side of this equation?

Michael Steinhart
User Rank
Blogger
Re: Pricing Psychology
Michael Steinhart   10/29/2013 12:23:49 PM
NO RATINGS
Very interesting, Beth. Do you think large-scale brick-and-mortar retailers will start adjusting their prices on the fly, now that they have access to historical and national sales data in real time? That would make for an awfully confusing shopping experience. Nowadays the retail sales cycle is at least a week or two, right, from the time an advertisement hits to the time the sale period ends.

Michael Steinhart
User Rank
Blogger
Re: Pricing strategy
Michael Steinhart   10/29/2013 12:20:12 PM
NO RATINGS
That's spot-on, Seth. And that's why a program that can adjust pricing from one minute to the next can help merchants leverage the unique features of online selling. It's almost like bringing real-time market fluctuation data to ecommerce.

Jeff
User Rank
Data Doctor
Perfect information
Jeff   10/29/2013 11:18:32 AM
NO RATINGS
This reminds me of those finace/econ classes where they say that the price is set by all the known information, and if you have perfect information you won't over or under pay for a stock or anything on an open market.  Seems like we are getting closer to this situation.  Perfect information, disseminated to all will send all the middle men and scammers scurrying.

BethSchultz
User Rank
Blogger
Re: Pricing Psychology
BethSchultz   10/29/2013 10:29:32 AM
NO RATINGS
@SethBreedlove -- this reminds of some of the points raised last week at a conference session by Ted Rudman, who is the interim vice president for pricing, marketing/loyalty, supply chain, and corporate systems at Sears. The point he was making is that traditional retailers couldn't ask too many questions relative to pricing because they didn't have a way of storing all the data on all the price points for all the merchandise they sell (or, more to the point, storing it in a way that wouldn't be exorbitantly expensive and hugely difficult to access). At Sears, bringing in Hadoop has meant the ability to save everything, including all those price points, so business managers can ask as many questions they want about pricing and selling. Interesting stuff. 

Page 1 / 2   >   >>
Information Resources
More Blogs from Michael Steinhart
After 10 months here at All Analytics, Michael Steinhart bids farewell but not goodbye.
In prisons and other security settings, electronic devices are predicting and detecting anomalous behavior with high accuracy and reducing the need for human personnel.
Schools around the country are weighing the benefits and ethical questions of learning analytics.
The 4th of July weekend is highly anticipated by retailers and travel services, and this year's anticipated hurricane may drive spending even higher.
Big-data analytics software searches for keyword correlations in millions of news articles about 9/11, projecting them in timelines on one wall of the museum.
Radio Show
A2 Conversations
UPCOMING
Jessica Davis
Monetize Your Data: Turning Insights Into Action


3/29/2017   REGISTER   0
ARCHIVE
James M. Connolly
Evolution of the Data Scientist Role


3/23/2017  LISTEN   31
ARCHIVE
Jessica Davis
Data Analysts in Training: Meeting Tomorrow's Demand


3/8/2017  LISTEN   63
ARCHIVE
Jessica Davis
Our Bodies, Our Data: Medical Records For Sale


2/21/2017  LISTEN   63
ARCHIVE
Jessica Davis
Energy Analytics: Using Data to Find Savings


2/14/2017  LISTEN   44
ARCHIVE
Jessica Davis
Sharpen Your Analytics & Data Management Strategy


2/8/2017  LISTEN   74
ARCHIVE
Jessica Davis
Analytics: Make the Most of Data's Potential in 2017


1/19/2017  LISTEN   19
ARCHIVE
Jessica Davis
A2 Radio: Can You Trust Your Data?


12/20/2016  LISTEN   70
ARCHIVE
James M. Connolly
Retail Analytics: See Where Style Meets Statistics


12/6/2016  LISTEN   53
ARCHIVE
James M. Connolly
Why the IoT Matters to Your Business


11/29/2016  LISTEN   45
ARCHIVE
James M. Connolly
Will Data and Humans Become Friends in 2017?


11/22/2016  LISTEN   40
Information Resources
Quick Poll
Quick Poll
About Us  |  Contact Us  |  Help  |  Register  |  Twitter  |  Facebook  |  RSS