Black Friday has become a huge deal, everyone is out to grab a bargain, but can this approach last?
The advances in technology suggest it cannot, as more and more data is obtained from our prospects, creating patterns and trends, the opportunity to have the right balance between supply and demand seems possible.
Applying the data can lead to much more accurate decisions and therefore can increase profitability. A product price will be decided based on whether it will create more sales.
It seems to me that the more trends we can identify and combine with technology, the stronger and more efficient we can become.
Once the entire retail chain starts taking advantage of the data at its disposal and the software to make sense of it, we will see previously unimaginable things happen for consumers. The concept of on-demand will be turned on its head. Consumers won’t have to tell retailers what they want, when they want it, and for how much. Everyone along the chain will already know