The world is increasingly complex, instrumented and virtual. There’s vast amounts of information about consumers and the factors that influence their behavior that simply didn’t exist in the data warehouse era. Here, we take a closer look at how all this data will affect retail when it comes together with recent technology trends.
The variety and increasing scale of data, as well as the scope of activity it is meant to inform, demands a solution that goes well beyond a simple enterprise data warehouse. So what might that more robust solution look like?
The premium sector is growing globally, and as it turns out, it isn’t ritzy categories like diamonds and champagne that are topping the charts. Rather, global consumers are most often willing to trade up for everyday consumables.
As the media landscape evolves, so too do the sources consumers use to find out about new products. Globally, shoppers' reliance on earned media is growing while their attention toward some paid media sources are declining.
Brand building can be costly and time consuming, so the ability to grow via line extensions—the use of an established product brand for a new item in the same category–can be extremely advantageous. In fact, line extensions are approximately three to four times more common than “new manufacturer” and “new brand” launches combined.