Vivek Misra’s Post

🎄 Black Friday & the Power of Dynamic Pricing 🎁 As we dive into the festive season, many are gearing up for Christmas by taking full advantage of Black Friday deals. From snagging the latest gadgets to filling up carts with holiday gifts, shoppers are on a mission to find the perfect gift that fits their budget. But have you ever wondered what powers those perfectly timed discounts, personalized deals, and dynamic price shifts that make these promotions so irresistible? 🤔 The answer lies in optimization algorithms and data science models—the unsung heroes of modern retail. These sophisticated systems ensure retailers strike the perfect balance between profitability and customer satisfaction. Here’s how: 👉 Dynamic Pricing: Have you noticed how flight tickets or hotel prices change depending on demand? Similar models are in action during Black Friday, adjusting prices in real-time based on inventory levels, competitors' actions, and consumer demand. Machine learning algorithms analyze millions of data points to decide the optimal price to boost sales while maximizing profit. 👉 Personalized Promotions: Ever received a Black Friday deal that felt like it was tailored just for you? That’s no coincidence! Retailers use recommendation engines and predictive analytics to understand your preferences, browsing history, and past purchases. This helps them craft personalized offers that you’re more likely to act on. 👉 Inventory Optimization: Behind every "sold out" sign is a carefully calculated risk. Optimization algorithms forecast demand, ensuring shelves are stocked with just the right amount of inventory. This reduces waste and prevents missed opportunities during high-demand events like Black Friday. 👉 Store Layouts and Logistics: Even the way items are displayed in stores or shipped to your doorstep is data-driven. Algorithms simulate different layouts to optimize foot traffic and drive impulse purchases, while logistics models minimize delivery times and costs. This holiday season, as you look for those perfect gifts, remember the tech that makes it all possible. Behind every deal is a tight collaboration of data science and optimization, ensuring you get the best value while retailers thrive in one of the most competitive times of the year. 🛍️✨ #Optimization #Algorithms #OperationsResearch #DataScience #Pricing #Efficiency

💡 The changing face of #BlackFriday: key insights for retailers in 2024 💡 As the biggest sales weekend of the year approaches, our consumer insights reveal that Black Friday has become a launchpad for the extended Christmas shopping season. Sales now grow well into December, making it a pivotal moment for brands to maximise their #GoldenQuarter performance. Looking at last year’s Black Friday sales period (Nov 24 – Dec 16) compared to the year before, we uncovered: 🔹 Online sales on the rise: more shoppers are turning to online platforms to find their Christmas deals, leading to a 7% increase in online sales during the period.  🔹 In-store sales decline: the traditional rush of crowded aisles and long queues is waning, with in-store sales dipping by 2%. Black Friday is no longer about the frenzy of a single day. It has transformed into a digital-first, multi-week event, driven by today’s time constrained, value-conscious consumers who prefer the convenience of shopping from home. For retailers, this evolving landscape calls for a strategic response: diversify marketing channels, enhance digital shopping experiences, and capitalise on the extended season with compelling, data-driven offers. Get in touch to learn how we can support your #CommerceMedia goals: https://lnkd.in/eCGXEkmw #ConsumerInsight #DataAnalytics #BlackFriday #GoldenQuarter

Black Friday is almost here. As most people either know or can guess, it’s the biggest shopping day of the year for retailers across the globe. Billions upon billions of dollars will be spent—both by consumers AND retail-CPG marketers. 2023 saw solid growth and the numbers are expected to increase on Black Friday and during this Holiday Season: 🛒 According to PwC, 3% more consumers plan to shop on Black Friday than in 2023. 💰 Black Friday is expected to grow 9.9% YoY, reaching $10.8 billion. 💲 The National Retail Federation predicts that holiday spending will increase 8%-9%, reaching around $985 billion. 💻 Adobe predicts online spending will reach a record $241 billion during the 2024 Holiday Season, an 8.4% lift over 2023. With discounts predicted to peak at 30% off listed prices during the Holiday Season, the questions brands should be asking themselves are … 1. How do we accurately measure product performance and sales lift across all stores, chains, regions, and channels? 2. How do we evaluate true trade promotion ROI and maximize promotional/marketing investments? 3. How do we gain deeper, more timely insights to improve future promotions? With VELOCITY®, our industry-leading retail data platform, Retail Velocity arms CPG marketing teams and account managers with daily item- and store-level sell-through data and inventory data that can be seamlessly integrated with syndicated data and ERP solutions or applications to provide one version of the truth. This precise, granular data allows brands of any size to accurately analyze and combine promotional activity with pre- and post-promotion data to gain an accurate depiction of lift across all retailers and thoroughly understand growth drivers, inventory issues, and ROI. Contact us today to learn how we can help you better plan, execute, and measure your marketing and promotional activities to ensure you’re getting the most bang for your buck. https://hubs.li/Q02ZwZK20 #tradepromotion #retailposdata #datainsights #consumerbrands #cpg #blackfriday #marketing

🚀 Real-Time Data: Powering Seamless Experiences 🚀 AI-driven, real-time data streaming is the silent engine behind today’s most effective services. Across sectors, it enables instant insights into behavior and needs—whether it’s making tailored recommendations, offering timely support, or delivering critical information precisely when it’s needed. With peak demand seasons and high-stakes decisions on the horizon, these data-powered systems ensure the right resources reach the right people at the right moment. 📈 #DataDriven #Innovation #AI #CustomerExperience #RealTimeData

Interesting article in CXM Today exploring how data is redefining the way retailers approach Black Friday by leveraging data-powered insights to infuse more personalisation and seamless experiences.

Valuable insights to make sure you are prepared for the #GoldenQuarter. Get in touch to see how we can help you make the most of this crucial trading period.

$11.3 Million Per Minute! Black Friday 2024 This year’s Black Friday saw consumers spending $11.3 million per minute online, setting new benchmarks for e-commerce and showcasing the power of digital transformation in today’s marketplace. This isn’t just about sales; it’s a testament to how businesses leveraging the right technology can thrive in an ever-competitive digital economy. Here are some key takeaways: - Retailers are leveraging AI to optimize the shopping experience—whether through personalized recommendations, dynamic pricing, or chatbots assisting real-time transactions. - Many brands succeeded by bridging online and in-store experiences, such as offering flexible pick-up options or integrating AR to visualize products. The lesson? Digital transformation is no longer optional—it’s essential. As technology evolves, so does consumer behavior. Businesses that fail to adapt risk being left behind in an era where consumers demand speed, convenience, and personalization. Don’t underestimate the value of the right digital transformation for your company. It’s the foundation for creating exceptional customer experiences, driving growth, and staying ahead in this rapidly changing economy. #BlackFriday #Ecommerce #DigitalTransformation #OnlineShopping #AI #ConsumerBehavior #Innovation #cio #cios #cto #ctos #itleaders #innovation #ar #application #technology #robotics #change #risk #data

Black Friday is officially a week away. While retail marketers are in the trenches, we'll be deep in the data, working on our annual Black Friday Benchmarks Report. Our team of retail strategists will analyze billions of orders, sales, and shopper events in order to understand industry trends and how top retailers move their customers through the lifecycle on the busiest shopping day of the year. Some of the things we're looking at include... 🚦 Year-over-year changes in site traffic 🔎 Which verticals had the strongest identification rates 💸 How many newly identified shoppers became buyers 🛍️ Spend trends, like order volume and average order value 🔁 Repeat purchase rates from one vertical to the next 📊 The breakdown of new, active, and reactivated buyers 🏆 The top performing email and site campaigns Be sure to check back next Saturday morning to see what we've found!

𝗕𝗹𝗮𝗰𝗸 𝗙𝗿𝗶𝗱𝗮𝘆 𝟮𝟬𝟮𝟰: 𝗪𝗵𝗮𝘁 𝗥𝗲𝘁𝗮𝗶𝗹𝗲𝗿𝘀 𝗖𝗮𝗻 𝗟𝗲𝗮𝗿𝗻 𝗙𝗿𝗼𝗺 𝗧𝗵𝗶𝘀 𝗬𝗲𝗮𝗿'𝘀 𝗪𝗶𝗻𝗻𝗲𝗿𝘀 𝗮𝗻𝗱 𝗟𝗼𝘀𝗲𝗿𝘀 Black Friday continues to evolve, and 2024 brought some big lessons for retailers trying to stay ahead in a highly competitive space. Let’s break down the key trends and takeaways: 5 𝗞𝗲𝘆 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀 𝗳𝗿𝗼𝗺 𝗕𝗹𝗮𝗰𝗸 𝗙𝗿𝗶𝗱𝗮𝘆 2024 1️⃣ E-Commerce Reigns Supreme: U.S. online sales hit a record $10.8 billion, up 10.2% year-over-year. Retailers that optimized their digital experiences captured the lion's share of consumer spending. 2️⃣ Mobile is the New Front Door: Nearly 50% of purchases happened on mobile devices, with shoppers spending $11.3 million per minute during peak times. Mobile-first strategies are no longer optional—they’re the norm. 3️⃣ Physical Store Visits Decline: Foot traffic dipped 1.85% compared to 2023, signaling that convenience and online deals are beating the in-store experience for many shoppers. 4️⃣ Black Friday is Now Black November: The traditional one-day rush has evolved into extended deal periods throughout November, forcing retailers to rethink urgency-driven marketing. 5️⃣ AI is Transforming the Game: AI-powered tools, like chatbots, personalized promotions, and inventory management systems, helped retailers engage customers and streamline operations during peak demand. 💡 What's your take on this year's Black Friday trends? Drop a comment, like the post, or connect to join the conversation! Let's explore new strategies together! #AI #CX #BlackFriday2024 Retail AI Council

Read this article in CXM Today, where Richard Timperlake explores how data is redefining the way retailers approach Black Friday by leveraging data-powered insights to infuse more personalisation and seamless experiences.