Go live with the website, get ready with the private beta, gearing up for the next set of targets, and a fun week for Unbxd. Here’s what you should not miss about eCommerce this week assortment planning for eCommerce, Groupon selling goods, and dynamic pricing.
Assortment planning for eCommerce is another area that could use all the help it can get from big data. Which products to stock, which to sell together, these are the questions your planning tools must be able to answer for you.
Dynamic pricing is one of those new games in town that is reaping increased revenue for online retailers, but it has its pitfalls, as the article points out. These pitfalls, however, are easily manageable by building in consumer behavior into dynamic pricing algorithms, just like algorithmic trading techniques need to account for human behavior.
This should not come as a surprise, and in fact, it might just be a great way to build upon the scale that Groupon has achieved.
Don’t miss out on the last chart. The data points on content relevance, which we know from experience, are the most important factor in getting search and navigation right—the data point on combos ties directly into the assortment planning link above.