In an article for Apparel, Melanie Nuce believes that retailers and brands can use consumer social sentiment data to proactively shape product demand. When you share your broadcasted predictions with key trading partners, you can together drive demand and gain customer loyalty, in spite of the challenges put forth by the omni-channel.
You want to focus on the predictive analytics over the descriptive analytics as far as big data is concerned, because that is where the real gains are to be made. It is not so difficult either, as the public becomes increasingly willing to offer up personal information. In order to be successful, there are two areas where you need to focus. Retailers need to “attain highly accurate inventory visibility to know which product will move in which channel to anticipate future trend shifts. The second focus should be on achieving industry-agreed upon best practices for sharing consumer data.” To read about these ideas in their full depth, you can view Nuce’s article here: http://apparel.edgl.com/news/Predictive-Analytics-and-the-Agile-Supply-Chain95750