Shoptalk 2017: Three Key Trends

The Shoptalk 2017 Conference was held recently in Las Vegas, and Pam Goodfellow, Prosper’s Principal Analyst and Consumer Insights Director, was in attendance. Below, she recaps some of the hot topics discussed by more than 300 speakers representing leaders redefining the future of retail and ecommerce and how clients can leverage Prosper’s unique consumer data to address marketplace challenges – and identify opportunities. Continue reading

Throwback Thursday: Big Data & Analytics Edition

March 24, 2017: Today’s Throwback Thursday article I wrote for my Forbes.com blog on May 15, 2014. The title of the article was “I’ve Got A Secret: The Real Big Data Opportunity”.

The article references an old TV Show, I’ve Got a Secret, and advises senior management to look beyond programmatic ad platform applications for big data and to seek more valuable strategic applications. Such applications have less to do with the “bigness” of the data, but rather should focus on the accuracy and relevance of data to provide answers for better decision making.

Click here to read the article.

Fung Analysis: The “Recycling” Of Department-Store Shoppers — And Why Amazon Could Gain From Macy’s Closures

Deborah Weinswig, a top-ranked global retail analyst who writes about retail and tech, recently authored “The ‘Recycling’ Of Department-Store Shoppers — And Why Amazon Could Gain From Macy’s Closures” for Forbes.com. In the article, Deborah uses unique consumer insights from Prosper Insights & Analytics to show how Macy’s store closures will benefit Amazon. This article is timely for anyone in the retail industry and we think you will enjoy it.

Click here to read the article.

For Brands And Retailers, The Past Is Not The Future

From Forbes.com on March 20, 2017…

The retail grocery industry appears to be in a state of change. Consumer data trend insights show that for grocery retailing, the past is not the future.

  • On February 8th, Aldi announced that during 2017, it will invest $3 billion for 600 additional new stores, and spend $1.8 billion to remodel and remerchandise the existing store base.
  • Whole Foods announced on March 10th that sales for the 6th straight quarter declined in comparable stores while lowering its guidance for fiscal 2017…close 9 stores and curtail new store development.
  • On March 2nd, Kroger announced that its 14-year streak of ¼ identical store sales growth had ended and that management foresees minimal sales and earnings growth for the remainder of 2017.

I asked long time industry veteran and consultant Ron Lunde to analyze and comment on Prosper Insights and Analytics data in light of the changing retail environment.

Click here to read the interview.

Throwback Thursday: Big Data & Analytics Edition

March 16, 2017: “Is Mass Hysteria Driving The Big Data Market?” is the title of today’s Throwback Thursday article which was published on May 5, 2015 on Forbes.com.

In the rush towards anything to do with big data, many suffered temporary symptoms of hysteria, characterized by excitement, anxiety or irrational behavior, or beliefs in which many cases led to big data disillusionment.

The article advises a focus on identifying meaningful findings from relevant data for better informed business decisions by senior management. Are many experiencing similar hysteria to when it comes to big data driven analytics?

Click here to read the article.

New Data Provides Antidote for Ad Fraud

Newly Released Media Behaviors & Influence™ Study Provides Marketers in Disrupted Media Market with Real Data from Real People for Increased ROI

Worthington, OH – 3/13/2017

As advertisers continue to struggle with disruption in the media world, including a decline in the use of traditional media, fake news, and bot fraud, Prosper Insights & Analytics™, a leading provider of business intelligence solutions, has released the Media Behaviors & Influence Study™ (MBI) for 2017. The data includes the responses of over 16,000 respondents and can be used to enlighten marketers by providing a unique consumer dimension. The MBI contains real consumers’ media consumption, including which media influences them to purchase, personality traits, and purchase intentions, and can be integrated with big data initiatives to enhance models to better target consumers.  Continue reading

Throwback Thursday: Big Data & Analytics Edition

March 9, 2017:

Today’s Throwback Thursday article is entitled, “Three Legs Of Big Data Stool Needed For Success.” First published on Forbes.com on April 23, 2014, it details three key areas for getting started in big data.

1. Data Sourcing and the potential pitfalls of big data streams from social networks full of fraud and incomplete data requiring numerous unverifiable assumptions.

2. Human resources capable of developing a strategy to exploit big data for a competitive strategy. (Hint: most fail here.)

3. Analyzing right types of data for meaningful outcomes.

Finally, the article advises about the use or integration of outside data sources which are much more specific, detailed, and accurate, in order to better inform digital data.

Click here to read the article.

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Gary Drenik is CEO of Prosper Insights & Analytics, a company that prides itself on turning data into evidence-based solutions for the C-Suite. www.ProsperDiscovery.com

In Its Battle With Amazon, Best Buy Gets A Fighting Chance From Shoppers

From Forbes on March 6, 2017:

It’s been five years since Best Buy unwittingly acquired the “showroom” moniker thanks to online-upstart-turned-serious-competitor Amazon.com. I’ve previously detailed the showroom showdown between the two electronics giants as well as Best Buy’s issues converting its shoppers into buyers. And since then, Best Buy has made concerted efforts to improve its profile among consumers by investing in customer service, updating the in-store experience (e.g. the Samsung Experience Shop), and promoting the Internet of Things (IoT) while minimizing the space out-of-date products waste on the sales floor (so long, digital cameras). Perhaps more importantly, though, Best Buy implemented a competitor price matching policy aimed at preventing shoppers from leaving stores (or abandoning its website) empty-handed. So how have consumers reacted to Best Buy’s changes? New analysis from Prosper Insights & Analytics’ monthly survey of more than 6,000 U.S. consumers nationwide reveals the progress Best Buy has made with shoppers over the past five years as well as the challenges that continue to haunt the electronics retailer in its battle with Amazon. Continue reading

Auto Outlook Remains Vibrant Heading Into Spring Selling Season

From Forbes.com on March 3, 2017…

Consumer confidence continues to decline from December’s peak but February’s reading represents a 19% surge over last year. Deborah Weinswig, Managing Director of Fung Global Retail & Technology, weighs in on the evolving state of the US consumer in 2017. Continue reading…