The Art and Science of Navigating Consumer Demands
With analytics software more prevalent than ever before, data regarding consumer behavior has become more readily available, making it easier to predict consumer behavior.
Online fashion retailer JustFab uses data from customer activity on their website to score customers on their likelihood to make purchases within the next month based on how frequently they visit the site, the number of items they have on their wish list, household income and other attributes. This helps the company decide how many garments are needed in each size and ensure there is enough stock.
Although e-commerce companies seem to have an advantage, retailers with physical locations have more information on consumer behavior across multiple channels. However, pure e-commerce companies have complete data transparency with an extremely fast turnaround.
Learn more about the science and art of consumer behavior.