The mantra of ‘the customer is always right’ was pioneered by department store owners like Marshall Field (founder of a successful Chicago based department store chain in the late 1800s later acquired by Macy’s). This was in a time when ‘caveat emptor’ aka ‘buyer beware’ was the societal standard for doing business.
Today, $230 billion USD is forecasted to be transacted online in 2013 as the transformation from brick and mortar (hereafter referred to as B&M) to web becomes the status quo. As an increasing proportion of retail continues to go online, it consequently generates a prolific amount of data. Most retailers pay attention to the bottom revenue line at a minimum from a data standpoint but there’s so much more. Continue reading “Leveraging Data for Dollars”