Differentiating between customer churn and missed delivery on promise is just one of the lessons learned from AI Driven retail data.
So far in this mini-series, we’ve looked at how AI and data are driving major change in the world of commerce and how that change is impacting customers' buying behavior. But what can business leaders do to use that data?
In the fifth installment of our Tech Talks mini-series, we continue our conversation with Michael Ross, EDITED's Chief Retail Scientist and John Squire, Founder of Dynamic Action, as they explain how the wrong data can lead you to misdiagnose a business problem, the role of marketplaces in this data-driven world and why technology can be an amazing facilitator.
If you’re interested in marketplaces and how they impact the world of retail, check out our conversation with Rebecca Lacerda, the Head of Digital Marketplaces at Crocs.
Notable Quotable: "All of our experience when you look at churn, where you look at customers that place a first order and very rarely come back and place a second order, you go and talk to customers and understand what the reason was...delivery issues are probably the single most important and I'd say availability is the second." - Michael Ross
Michael Ross is the Senior Vice President of Retail Science at EDITED, Co-Founder of DynamicAction and an Executive Fellow at the London Business School.
John Squire is the Co-Founder of DynamicAction and a member of the NRF Digital Council.
Get in touch now to take the guesswork out of planning, pricing and phasing assortments for your category using the power of EDITED's SaaS connected Cloud Commerce Platform.