- by kq4ym, Data Doctor
- 10/30/2013 10:45:24 AM
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.
- by tomsg, Data Doctor
- 10/30/2013 10:43:43 AM
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.
- by Zimana, Blogger
- 10/29/2013 11:07:15 PM
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.
- by PredictableChaos, Data Doctor
- 10/29/2013 6:24:02 PM
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?
- by SethBreedlove, Data Doctor
- 10/29/2013 2:27:09 PM
:) 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.
- 10/29/2013 12:24:58 PM
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?
- 10/29/2013 12:23:49 PM
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.
- 10/29/2013 12:20:12 PM
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.
- by Jeff, Data Doctor
- 10/29/2013 11:18:32 AM
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.
- by BethSchultz, Blogger
- 10/29/2013 10:29:32 AM
@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.