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Real-time pricing: coming to a store near you
Personal shopping is on the brink of taking on a whole new meaning. The advancement of mobile technology and the information held on individuals' shopping histories means product prices could soon adapt as shoppers walk up and down their supermarket aisle.
Gone are the days of retailers only being able to actively manage the price of a small number of products once a week. Algorithmic pricing and real-time competitive pricing data allows the changing of product prices on the fly.
Amazon is at the forefront of such "real-time pricing" initiatives, which have traditionally been the preserve of online-only retailers.
However, brick-and-mortar retailers in the US are showing their UK counterparts the limitless possibilities when it comes to dynamic pricing.
Independent consumer electronics retailer Abt Electronics pipes competitive pricing data gathered by Dynamite Data into its point-of-sale systems to allow staff to negotiate prices at the point-of-sale, according to Dynamite Data chief executive Diana Schulz.
Sainsbury’s claims real-time pricing would result in "chaos", while Asda says such a strategy would be a "nightmare"
Meanwhile, another one of Dynamite Data’s un-named clients uses electronic shelf labels and re-prices every product in their stores each morning based on the prices of its rivals.
The ability to change prices dynamically is not simply the preserve of all-powerful brands such as Walmart or Target either.
Schulz explained that her company has "seen these types of technologies in both large and mid-sized retailers" despite the "investment in technology and competitive data that is typically needed".
Back in the UK things are not quite as close to a Minority Report-style personalized shopping experience.
Even online-only specialists Shop Direct and Ocado claim they do not engage in real-time pricing, while those that do heavily use real-time data to adapt their prices such as the airline brands are reluctant to discuss the issues.
EasyJet declined to comment when contacted because of commercial sensitivities around discussing pricing-related issues.
Grocers Tesco, Asda and Sainsbury’s have all claimed they do not engage in real-time pricing, with the latter two both citing the logistical difficulties in aligning such a strategy across their physical stores and online presence.
A Sainsbury’s spokesman claims real-time pricing would result in "chaos", while an Asda spokeswoman saying such a strategy would be a "nightmare".
Yet, despite such a negative perspective from UK brands, experts are confident real-time pricing will arrive on these shores sooner or later.
Simon Spyer, a partner of VCCP data arm Conduit who began his career working on the Sainsbury's Nectar business, believes the UK will begin to see "more and more" of matching rivals’ prices dynamically, particularly in the grocery and electrical sectors.
He explained that real-time pricing is likely to affect "anything where the product is largely commoditized" and in instances where the only way retailers can differentiate that product is by "being really keen on price".
As it stands the major barrier for implementing "real-time pricing" in-store is changing the prices to match the online price, a hurdle that could be removed by the electronic shelf labels being pioneered in the US.
Schemes like Tesco Price Promise and Asda Price Guarantee already use real-time data to 'price match'
In the UK various retailers have dipped their toes into the water when it comes to electronic shelf-labeling including a Nisa Local store in Shrewsbury that launched a trial in August last year to carry out automatic pricing and timed promotional updates, alongside QR codes and meal ideals.
Tesco has also experimented with electronic labeling on various occasions with trials in 2006 and 2008, but the retail giant has yet to combine real-time pricing with its electronic labels.
Spyer claims "the capability is definitely there both online and offline – it is whether there is a business rationale for investing in it".
However, with major UK supermarkets lacking a pressing reason to implement real-time pricing, that investment may be slow in arriving, argues Kaye Coleman, the founder of price consultancy Ripe Strategic.
Coleman explains: "The supermarkets already do price matching – it is not so sophisticated but price matching is already happening".
Schemes including the Tesco Price Promise, the Asda Price Guarantee and the Sainsbury’s Brand Match currently use real-time data to "price match" by offering money off the next shop.
A cynic could argue the supermarkets should knock money off at the till rather than relying on customers to redeem their vouchers at the next shop, but such an action could hit the companies' bottom line.
The growing sophistication of mobile marketing is also likely to revolutionize the way brands approach their price matching.
"If you can come up with a value proposition where I check-in [on my mobile] when I walk through the store for the first time and that presents me with a personalized experience based on my purchase history then I could see the benefit for a customer and a retailer," said Spyer.
The trick for retailers is persuading customers to adopt such behavior, but the offer of being delivered ever-changing personalized price offers and messages in-store is a compelling proposition.
Personalization is already a priority for retailers. Sainsbury’s uses anonymized shopping data gathered from the Nectar card to personalize offers.
The levels of personalization offered by Sainsbury’s are increasingly complex. If a female customer buys folic acid they will be sent promotions on other pregnancy-related supplements during the pregnancy period and offers on nappies further down the line.
UK retailers are sure to keep a close eye on developments over the Atlantic, with Schulz claiming she knows of clients that are piloting technologies that enable in-store personalized discounts.
The challenges on the high-street mean there will inevitably be more casualties, but real-time pricing does not have to be the sole preserve of online-only retailers.
Innovative ways of manipulating real-time data could be the shot in the arm the high-street retail industry so desperately needs.
This article was first published on marketingmagazine.co.uk
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With over 10 years experience working solely in the Data & Analytics sector our consultants are able to offer detailed insights into the industry.
Visit our News & Blogs portal or check out our recent posts below.
We make micro adjustments every day to what we wear, how we shop, and how we drive. Our healthcare and industrial verticals are working with AI and Computer Vision to enhance our experiences from the user to the professional. There are a variety of computer vision applications to make life easier, more efficient, and safer. In other words, our computers have eyes. Every industry, it seems, is now touched by Computer Vision. From retail to healthcare to agriculture to banking, AI technology combines with deep learning and machine learning to help computers “see” where a car goes, an individual’s health, and what outfit might look best for any given outing. So, let’s take a look at some of the industries currently using Computer Vision. AUTOMOTIVE Human error and distractions often lead to car accidents and fatalities. According to the WHO, it’s estimated traffic accidents will be the seventh leading cause of death by 2030. To help alleviate this prediction, there is work being done on a self-driving car with sensor technology. Though autonomous cars have been tried before, this next incarnation has worked to ensure it can detect not only other cars and other large obstacles, but also pedestrians and cyclists at a distance. As it navigates through the streets autonomously, it follows traffic regulations as well as detect hand signals, and more. Efforts to train the vehicles use deep learning to predict, plan, and map its way through various scenarios. HEALTHCARE The advent of Computer Vision in technology has been a boon to the industry. It can help determine conditions of illness, reduce or eliminate misdiagnoses, and can even monitor blood loss during medical situations. Captured images on items such as surgical sponges can be processed using Computer Vision using Machine Learning. In comparison with the human eye, the computer’s estimates were more accurate. RETAIL Retail has been at the forefront of many changes within the tech industry. And now, as online shopping, e-commerce, and virtual events take over traditional venues and brick-and-mortar stores, even the task of trying on clothes has gone virtual. From a virtual mirror which uses Computer Vision to help identify what outfit looks best. What may be most appropriate in what situation. Something like a movie montage, but in real time for a real person. Retail takes things a step further by stepping up security. Using Computer Vision, retail security apps can monitor what is being recorded, what has been taken from shelves, and items being fake scanned. This information and knowledge can lead to reduced theft and other losses in stores. While other industries such as banking and agriculture have also seen a rise in Computer Vision, it’s the above which we might see in our day-to-day lives sooner rather than later. ONE FINAL THOUGHT Business processes have shifted online, looking for your next job has become more daunting than ever before. But here’s the good news. Everyone’s on the same page. Leaders, hiring managers, recruiters, and prospective employees are all navigating a new way of doing business and finding talent to keep those businesses running. In the wake of work-from-home policies, remote working, and the shifting landscape of working outside the office, technology, and particularly biotechnology careers are prime opportunities to both gain increased knowledge in your chosen field or begin your career path. If you’re interested in Big Data & Analytics or other Data professional opportunities, check out our current vacancies or contact one of our recruitment consultants to learn more. For our West Coast Team, contact us at (415) 614 - 4999 or send an email to email@example.com. For our Mid-West and East Coast teams contact us at (212) 796-6070 or send an email to firstname.lastname@example.org.
25. June 2020
What does Data tell us? Why do we want to know the information we collect and analyze? How can Data help us now? Well, sometimes you have to go back to basics. Knowing your Data helps you make better decisions for the future. This is the transformative nature of Data Science. The Data Scientists have collected is leading toward a vaccine for a novel virus. Our massive shift from in-house workers to working from home showed us where the gaps in our internet infrastructure existed. But, the information we gathered wasn’t just where the gaps occurred, it also offers a jumping off point for how we can use what we’ve learned to improve. We know Data is essential to business today, but how we use it, and gathering what we can learn from it, offer transformative advantages we might have otherwise missed. WHERE DO WE GO FROM HERE? Data Science is what helps us interpret the massive amounts of Data we’ve collected. With an estimated 90 percent of Data created just in the last couple of years, and an estimated dearth of connected devices estimated to grow over 75 billion by 2025, the sheer volume is daunting. Yet we still have need for change. Technologies to interpret Data at such a massive scale still need someone to gather, collect, analyze, and interpret the information. What we’ve learned so far with Data Science shows us what must change to support health workers, the health of our employees, the support of remote workers and gig workers, and how businesses can differentiate themselves from their competitors in a post pandemic world. SEVEN WAYS ORGANIZATIONS CAN PREPARE FOR THE FUTURE Prioritize Digital Collaboration As employees begin to return to ‘normal’ work hours, Gartner suggests 48% of employees will work remotely. This is an 18% increase pre-pandemic. So, when hiring managers take stock of their employees, they’ll want to consider things such as productivity and performance management and how workers are evaluated based remote working touchpoints rather than established criteria of employee performance management.Ensure Inclusivity of Employees Bring employees into more critical roles and give them the freedom to make mission critical decisions. Open Up Opportunities and Develop Critical Skillsets Coach employees on how to develop critical skills for a variety of roles, rather than focusing on one particular role.Be Flexible The days of doing things ‘the way we we’ve always done’ are gone. It’s time to reassess, reevaluate, and prepare your employees for success. How? Consider what may may be needed for a given role’s development path. Do your employees need reskilling or upskilling? Flexible careers. The gig economy. The freelance economy. Contractors. All these titles and labels offer flexible learning and training allowing your business to pivot smoothly and efficiently as needed. Training is the key here and it will help employees transition into other organizations, into roles with greater responsibility, and allow both your employees and your organization to adapt to changes more quickly.Teach Employees to Respond Rather than React Structure your organization and employee response to quickly course correct. Don’t assume or target a core set of future skills. We don’t know what the future holds or what skills may be needed. But if you have employees with wide interests, your business may be better positioned to make changes as needed. Implement a Culture of Inclusiveness – Remote vs. In-House Employees Diversity is an important part of any business. But with the rise of remote workers, it’s time to ensure all workers are supported in regard to healthcare coverage, mental support, and financial health pre-and post-pandemic. Inclusiveness can help to engage those workers both in-house and remote to ensure everyone feels part of the team. Devices such as VR, AR, video calls, and more can help to make every employee feel part of the company culture.Encourage Data Literacy Throughout Your Organization Everyone in your organization will need to be Data literate. Yet everyone will be at a different level of literacy. Here it’s important to define both the skills and capability. Once your leadership has a firm grasp of the Data provided to them by your Data Scientists and business intelligence analysts, then they’ll have a starting point from which to make informed decisions. Building a culture of Data begins with leadership. Are you ready for the role or are you an organization looking for someone to fill this role? Business processes have shifted online, looking for your next job has become more daunting than ever before. But here’s the good news. Everyone’s on the same page. Leaders, hiring managers, recruiters, and prospective employees are all navigating a new way of doing business and finding talent to keep those businesses running. If you’re interested in Big Data and Analytics or other Data professional opportunities, check out our current vacancies or contact one of our expert consultants to learn more. For our West Coast Team, contact us at (415) 614 - 4999 or send an email to email@example.com. For our Mid-West and East Coast teams contact us at (212) 796-6070 or send an email to firstname.lastname@example.org.
18. June 2020
COVID-19 has reshaped the way we do business, how we interact with each other, closed and opened opportunities. Essential workers are on the frontlines and scientists work feverishly in the background to help flatten the curve and find a cure. The Life Sciences industry has seen a surge in demand, but can those needs be met in time? New York, California, and Boston, face the highest demand and the biggest shortage of workers to fill the jobs. In Massachusetts alone, it’s estimated that though 74,000 people filled Life Science jobs by the end of 2018, there would be a need for an additional 12,000 by 2024. This was before the pandemic struck. The need is ever greater now. So, what skills do you need to enter the Biotech and Life Sciences field and if you’re in the field, how can you upskill or reskill to fill the most in demand roles? THREE ADVANCED SKILLSETS FOR A POST-PANDEMIC WORLD Computer Vision – A subset of AI, Computer Vision can help the healthcare industry in a variety of ways. It can help identify anomalies in x-rays, help craft prediction models for things like tracking and vaccine solutions, and enhance technology workflows. Data Storytelling – One key element businesses look for in a Data professional is someone who has good data storytelling skills. The ability to translate complex numbers and statistics into something executives and stakeholders can understand is becoming ever more important and ensures sustainability of business continuity. Not only does Data Storytelling make information more digestible for non-technical professionals, it also helps business leaders to make powerful insights about where they are and what steps they need to make moving forward.Skills in Healthcare Technologies – Healthcare technology skills are in high demand. Data professionals who can use and understand medical data in real-time to get results will be highly sought after. Advanced skill sets in healthcare, biotechnology, and similar areas within Life Sciences will see a surge in demand and would be most relevant to companies now more than ever before. Computer Vision, Data Storytelling, and Healthcare Technology skills have become three of the top skillsets needed for today’s world. Each one feeds to the other, and as important as technical skills are, it’s just as important to have soft skills. Especially now. Thankfully, both soft skills and technical skills can be taught. But there still exists a gap between school and business. Below are some ideas on how to bridge that gap. BRIDGING THE GAP BETWEEN SCHOOL & BUSINESS STEM and STEAM skills will be in higher demand now more than ever before. As important as it is to ensure students with the desire to move into these fields, it’s more important to begin with the schools. For the professionals already in the industry, there are other ways to encourage bridging the gap. Draw more students into STEM programming careers and sustain encouragement as they progress in their studies and career.Emphasize skills with a focus toward the life sciences field.Emphasize that students don’t have to choose a business career over a science career. There is crossover leading to more opportunities.And for those life long learners (read: already in the field), ensure opportunities for professional development.Find talent in other creative ways. Consider ‘non-traditional’ candidates. Business processes have shifted online, looking for your next job has become more daunting than ever before. But here’s the good news. Everyone’s on the same page. Leaders, hiring managers, recruiters, and prospective employees are all navigating a new way of doing business and finding talent to keep those businesses running. In the wake of work-from-home policies, remote working, and the shifting landscape of working outside the office, technology, and particularly biotechnology careers are prime opportunities to both gain increased knowledge in your chosen field or begin your career path. If you’re interested in Big Data & Analytics professional opportunities, check out our current vacancies or contact one of our recruitment consultants to learn more. For our West Coast Team, contact us at (415) 614 - 4999 or send an email to email@example.com. For our Mid-West and East Coast teams contact us at (212) 796-6070 or send an email to firstname.lastname@example.org.
04. June 2020
When Ford first introduced the assembly line, he could only imagine how it would affect the automotive industry. But what about how it could affect supply and demand within the life sciences industry? Automotive and similar factories have been converted before to help build items most needed. Not the least of which, today, is to help supply those in the life sciences industry with the PPE and medical devices they need. Demand is high. Supply is not. Enter blockchain technologies. As health systems become overburdened and disruptions to ‘normal’ life occur on a global scale, it’s important to ensure critical resources are prioritized. So, what can businesses do to help ensure supply and demand are met in not only these critical times, but for the future. FIVE WAYS TO ENSURE SUPPLY MEETS DEMAND When it’s difficult to supply even the most in demand products, it’s time to take an assessment of various scenarios. These scenarios can help leaders predict what and when they’ll need certain products and critical items. Assess your scenario within the framework of increased disruption.What are your capabilities?Identify the most immediate needs to meet, any risks to be aware of, and take action.Determine any structural changes you’ll need to make.Prepare to pivot. Be aware you may be in a continuous cycle of determining risk, assessing where you are and need to go, any configurations you’ll need to make to get there, and any operational procedures to improve and move forward. By assessing, prioritizing, and visualizing, companies are able to craft a clearer scope of vision. The scenarios created can offer insight into key pieces of planning to help mitigate disruptions of supply chain processes. This crisis will have long-lasting effects and implications from how we work to how we assure supply and demand. It’s in these strange crosshairs, the life sciences industry finds itself at the center of this pandemic, and at the same time is the life force which has given blockchain technologies fuel to improve. No matter where you are on the spectrum of supply chain technology, there is calculated risk to every decision. Just because we’re easing restrictions now, doesn’t mean there won’t be an about face in the next few months, and what companies do between now and then is critical. Supply is already short. Now is the time to take immediate action to help mitigate risk for patients, providers, your clients, and your communities WHAT TO DO NOW AND HOW TO PREPARE FOR THE FUTURE The scale of risk is unlike any leaders have seen in recent years. Its speed adds to the uncertainty as numbers rise, decisions change, and most are left wondering what’s next. Businesses who respond quickly and confidently can help to alleviate some uncertainties, but can craft a plan crucial to understanding the complexities of blockchain within the industry. Strong data, analysis, predictive modelling can help to anticipate any further or potential disruption. Taking these steps can help make businesses more resilient in the future and also help them manage future challenges. It’s integral to have strong, responsive, and resilient risk management capabilities. To do this, your business will want to ensure their capabilities are technology-led platforms which support analytics, machine learning, and artificial intelligence. Whether you’re mitigating risk, preparing an assessment, or determining your capabilities, it’s important to ensure you’re transparent. We are all in this together. Even in business. Transparency builds trust as does assuring supply and demand by mitigating risk. It’s these things which will soon become the basics of business protocols. Business processes have shifted online, looking for your next job has become more daunting than ever before. But here’s the good news. Leaders, hiring managers, recruiters, and prospective employees are all navigating a new way of doing business and finding talent to keep those businesses running. In the wake of work-from-home policies, remote working, and the shifting landscape of working outside the office, technology careers are prime opportunities to both gain increased knowledge in your chosen field or begin your career path. If you’re interested in Big Data & Analytics professional opportunities, check out our current vacancies or contact one of our recruitment consultants to learn more. For our West Coast Team, contact us at (415) 614 - 4999 or send an email to email@example.com. For our Mid-West and East Coast teams contact us at (212) 796-6070 or send an email to firstname.lastname@example.org.
28. May 2020