With savvy, smartphone-touting shoppers in abundance, leading retailers know how critical it is to converge their physical, online, and mobile shopping worlds. Technologies like location-based mobile apps, augmented reality, and advanced search are hastening the inexorable blurring between physical and online retailing – and, for those retailers caught unaware, between them and their competitors.
As retailers evolve toward an omnichannel environment, much of their success will depend on how effectively they use big-data and analytics, as business professors Erik Brynjolfsson, Yu Jeffrey Hu, and Mohammad S. Rahman note in their recent MIT Sloan Management Review report, "Competing in the Age of Omnichannel Retailing." Tune in as the three authors join us for a discussion on success strategies for omnichannel retailing. You'll learn how big-data and analytics can be the basis by which you:
- Finesse pricing strategies
- Create new shopping experiences for customers
- Fortify customer relationships
- Capitalize on the manufacturing opportunity
Dr. Erik Brynjolfsson is the Scussel Family Professor at MIT Sloan School of Management. His major areas of expertise are the efficient use of IT, particularly the Internet, and analysis of optimal pricing and product variety online. With coauthor Yu Jeffrey Hu he published a ground-breaking paper on the "long-tail’s" growth in recent years. He holds degrees from Harvard University and MIT.
Dr. Yu Jeffrey Hu is an Associate Professor at Georgia Institute of Technology’s Scheller College of Business. He coauthored the seminal paper examining the long-tail in Internet retail, and has since continued examining the Internet’s unique role in the marketplace with examinations of the market effects of social media. He has consulted for many major firms, including Amazon, Cisco, and HP.
Dr. Mohammad Saifur Rahman is an Associate Professor at the Haskayne School of Business at the University of Calgary. His research is focused on the phenomena that distinguish online markets from the conventional, including consumer behavior as it relates to technology and the in-practice differences between Internet and physical market execution. He recently won the Dean’s “Outstanding New Scholar” award at the Haskayne School of Business.
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As retailers evolve toward an omnichannel environment, much of their success will depend on how effectively they use big-data and analytics.
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