Black Friday + Big Data
By Josie Sittig
Now that the seasons are switching gear from fall to winter, let's talk about the big event of the season. I'm not talking about Thanksgiving or Christmas. I'm talking about Black Friday. You might be surprised to hear that Black Friday became popular around the 1960s. Black Friday started to become more popular in 2011 when a large retailers announced that they were going to open their stores at midnight, as opposed to 6 am as usual. Then in 2012, Walmart announced that they were going to open up at 8 pm on Thanksgiving day. Now, another trend cyber monday has also come to people's attention. I would like to explore what role big data plays for retailers and customers who don't want to come into the store during the thanksgiving holiday.
Big Data is super helpful to retailers for many reasons. Big data can help retailers find out who their target market is. It can also find out what the customer wants,and how the customer browses their website. According to datafloq, Amazon prepares for Black Friday by ranking available inventory products by observing how their customers have engaged with them in the past, how the product fit into the current purchasing trends, and how similar those products are to past products also sold in the Black Friday event. Using this information, Amazon can determine what products will sell, what price to set the product at, while also looking at number to determine how many employees it will take to have a successful event.
Some ways retailers receive data from customers is by implementing rewards programs. The upside to this type of data collecting is that the customer gets to benefit by giving them exclusive offers or discounts. According to Forbes, another way retailer retrieve data is by embedding cookies within your browser, this allows companies to suggest additional products.
Overall, big data helps big retailers tailor the products to the customer in order to get the highest revenue. They can get customer data through rewards programs to better design their products to sell. Lastly, with big data retailers can look at demographics and more personal information about customers so that they know what will sell, and how to sell their products.
Sources: The Top 7 Big Data Trends for 2017. (2016, December 01). Retrieved November 03, 2017, from https://datafloq.com/read/the-top-7-big-data-trends-for-2017/2493?utm=internal
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