- 1/22/2014 4:51:59 PM
@SRS1, I'm not sure I agree that a near-perfect algorithm is required. Yes, retailers obviously want a great recommendation engine at work, but isn't close enough OK? I mean, isn't part of the idea to entice customers to click on a recommended product and if that turns out not to be the right thing exactly, to click around and find the one that is? Is it realistic to strive for 100% upsell, in other words?
- by SRS1, Master Analyst
- 1/21/2014 7:06:40 PM
The use of analyitics and data to get a customer to buy more than they originally planned has always been key to continued sucess. The problem is a near perfect algorithm is required to suggest a similiar product to a buyers, otherwise you'll have items that will never be recommended to a potenial buyer due to a minor fault.
- 1/13/2014 8:55:13 AM
...and Gates certainly isn't alone in hammering home that idea. Several of the hiring experts we've talked to over the last year have said that same thing. Of course, that doesn't mean job candidates don't need the skills, just that all skills equal, the job candidate who is more personable and creative than any others should be the one catching the hiring manager's attention.
- by SethBreedlove, Data Doctor
- 1/12/2014 2:11:30 AM
I really enjoyed Gate's interview and how she really stresses nuturing analytical talent. Especially about the part of not getting hung up on the technical skills, but focus more on the creative personality of that employee.
- 1/10/2014 12:11:28 PM
@kq4ym -- I can see retailers and their suppliers -- consumer package goods companies and clothing manufacturers, for example -- sharing data to mutual benefit, but I can't see retailers sharing data among themselves, unless they're owned by the same parent company and even then not everybody is going to be willing to play so nicely with each other.
- by kq4ym, Data Doctor
- 1/9/2014 3:59:24 PM
The idea of using analyitics to pursuade buyers to purchase extra goods is intriguing to say the least. Amazon started the ball rolling of course with it's suggested books after seeing your interest in similar titles.
I can see a day when varied sellers combine and share their data so for example, my grocery store chain notes that I buy the store brands to save money, and passes along that information to say Walmart who can them target me with similar lower cost items. A marketing plan might eventually come my way to incentivize me to buy products with a bit higher markup, increasing their profits.
ANALYTICS IN ACTION
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- by James M. Connolly