Retail Industry: Moving To Feedback Economy
Retail industry is going through a major paradigm shift. The key driver of this change is a confluence of technological, sociological and customer behavioral trends creating this strategic infection point in retailing ecology. For the first time, retailers have access to unprecedented amount of publicly available information on customer behavior and trends; voluntarily shared by customers. The more effective retailers can tab into these reservoirs of data to model purchasing behaviors and trends of their current and prospective customers.