Savvy retailers are harnessing the power of big data by combining data from a number of sources such as web browsing patterns, social media and industry forecasts. They are using big data to predict trends, prepare for demand, optimize pricing, and ultimately to improve each customer’s experience to increase acquisition and retention rates.
SoundOut Retail, a leading predictive analysis company and WGSN, a leading trend forecaster have partnered together to develop an innovative customer insight tool. The new service, which will enable fashion brands and retailers to better predict best-selling items before they hit stores, is set to be a game changer for the industry and will launch in early 2015.
In this special guest feature, Joe DeCosmo of Enova International reflects on how the business world relies heavily on technology to determine customer preferences as a means to deliver personalized service. Joe DeCosmo is chief analytics officer at Enova International, a global financial resource service for under-served consumers.