How big data is helping retailers to outsmart consumers
Hunting for bargains online has become one of America’s most popular pastimes. But as economics writer Jerry Useem suggests in The Atlantic, online retailers have turned the tables and now look for the best deals from customers. The availability of vast amounts of consumer data has led economists to develop new software capable of turning online data into new pricing strategies to outsmart shoppers. getAbstract recommends Useem’s eye-opening article to retail professionals and unsuspecting consumers.
In this summary, you will learn
- How retailers use big data to “comparison shop” consumers,
- How new software assists retailers in fine-tuning their price strategies, and
- Why Amazon can sell a popular TV set below market price and still make money.
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