Big Data is often touted as the holy grail for insights into purchasing patterns, but it didn't turn water into wine for Whole Foods wine department. I actually find it refreshing to hear a techie concede that Big Data does not fit every application. Cheers.
Surprising to read an article about wine where it is not hyped, touted and shoved down our throats as being on the cutting edge of every possible, conceivable worthwhile human endeavor. What!! wine is not part, parcel and raison d'etre of big-data technology, hard to believe. And what no photos of impossibly cool looking winery owners looking like recent refugees from a Calvin Klein ad hanging about fields with artfully espaliered vines going to a vanishing point, or even better lounging about cavernous aging rooms regarding their navel. Dismayed as I am that a firm connection between big-data and wine could not be made I'm sure someone will come up with something, hey what about wine and the Cloud. Anybody?
( Apologies to Kim and my thanks to IE for allowing me to get this off my chest. )
Great idea, Kim. I've spent the majority of my career as a trusted advisor to retailers who are trying to figure out how to best use technology for their specific needs. I'll look forward to a discussion with Whole Foods on this topic.
You're right Joanne. There are surely some more molecular analyses that can be done, rather than analysis of global data which I'd envisaged. As I mentioned in the video, I'll try to get someone from Whole Foods to speak with us about the topic.
I agree that once certain products are in stores, it may not be cost effective or otherwise wise to transfer them to other locations. Other examples in retail are meat, baked goods or deli. You wouldn't transfer these from one location to another for a variety of reasons, some similar to wine.
However, there are still valid uses for big data given these constraints. For example, having a localized basket analysis as to what customers are purchasing when they buy a particular bottle of wine could provide insight for cross selling and promotional opportunities. Have they also purchased mahi mahi and other items that call for a certain type of wine? Why not have a "May we suggest" program that pairs slower selling wine with other products in a particular store? What a great way to provide customer service and move products with a slower turn.
Also, when local insights are rolled up to a regional or national level, new opportunities in "like" stores may appear for future buying and promotional programs. The possibility of aggregating demand could reduce margins and aid in improving the buy at the front end, eliminating slower turns once products are in the store.
Edmunds separates customers into segments based on the info it collects on its site and from partners, and uses that to push out custom content, said Brian Baron, director of business analytics for Edmunds.com, at Predictive Analytics Innovation Summit.
The automotive website uses propensity modeling to target ads and customer registration forms, said Brian Baron, director of business analytics for Edmunds.com, at Predictive Analytics Innovation Summit.
The automotive website uses propensity modeling of customer behavior to convert more site visitors into leads, says Brian Baron, director of business analytics, in an interview at the Predictive Analytics Innovation Summit.
Big-data and analytics tools enable marketers to understand customers as individuals, identifying unmet needs and addressing each customer as a "segment of one," says John Kennedy, VP corporate marketing, IBM.
Big-data has become a big point of emphasis for many businesses. While the technology is available to deploy these applications, the needed personnel often is not. As a result, analytic engineers' salaries have blown past the six-figure mark, and hiring these experts has become a challenge for IT managers.
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