In today’s digital landscape, the benefits of a well-planned digital strategy cannot be ignored. However, in some cases, understanding digital markets from the customer point of view is not enough!
A pertinent categorization of products unveils insights from data different from those discovered under the consumer view paradigm.
The MSc Digital Business Analytics provides an understanding of digital markets and the categorization of retail products in the digital landscape.
When setting up a digital strategy, e-retailers focus on promoting aggressive discounts or on displaying a massive selection of products to attract customers. In doing so, e-retailers have adopted a consumer view, which have helped them to thrive in the competitive digital context.
This traditional strategy has worked well for many e-retailers using data analytics to improve their digital business. However, most e-retailers forget to use a relevant categorization of products to optimize the use and effectiveness of their communication channels. In some cases, understanding digital markets from the customer point of view is not enough!
How E-retailers can use data to improve their digital sales
The far-reaching implications of categorizing products to visualize and manage data for firms properly are skills in demand. A pertinent categorization of products unveils insights from data different from those discovered under the consumer view paradigm.
In the MSc Digital Business Analytics we provide real data from digitale-retail sales of e-retailers. It helps to learn about how managing a pertinent product categorization could improve your digital sales as well as your understanding of the market dynamics. The results of working with real data in the MSc program highlight the importance of these dynamics in your digital strategy. For example, what is more important the web traffic or the conversion rate in your context?
Learning at the MSc Digital Business Analytics with real world examples induce practitioners to set priorities to display e-retail product categories in the same way outlet marketers place products in every shelf. The use of a pertinent categorization of products could then improve customer engagement as well as firm’s allocation of resources in their digital communications.
Digital Business Analytics: the skill to transform data into actionable insights for businesses
During the last years we have witnessed the power of big data and artificial intelligence for business and society. Consider, for example, the use of biometrics to develop identification technology or the development of the chat commerce to sell through messaging apps.
We assume the power of technology will significantly change the world because we heard of it at every corner. However, there are many fundamental principles that do not change with technology. These fundamental principles remain over time. As professors, we aim to go beyond the use of technological tools and develop strong skills in our students; one of these, is the so-called business analytics.
Although ‘analytics’ may be a fancy word for referring to analysis, it has become a buzz word. Its meaning comes together with the use of new technology as well as big data management and real-time data mining. Business analytics has increased our expectations about software tools. Today, we know the power of data to predict in a broader scale and scope when using the right software tools.
There is no doubt, it is important to be at least aware of software tools and technology trends. But, the importance to transform data into actionable insights for business and act upon this knowledge is perhaps a more important skill, which has proved to be long-lasting for business people.
Business analytics outcomes, therefore, depend on critical thinking and decision-making of one who understands how business works. In this, one must balance the trade-off between analysis and action. The appropriate degree of innovation required to be competitive in an industry.
In a dynamic economy, timing could be a game changer and judging when to stop and analyze rather than moving into action is the real skill to master; because, this skill is scarcer than that of knowing software tools.
To fully build skills in business analytics, the MSc Digital Business Analytics prepares students based on applied research thinking and real case studies. It broadens the knowledge of students by forming them in technology and innovation strategy. The program offers reflexional assignments to deepen knowledge as it prepares students for their future. It also matches this knowledge to specific business contexts and software tools.
The design of the MSc Digital Business Analytics aims to fill on this skills gap comprising business analytics. In doing so, the program put a great emphasis on technology adoption, mindset flexibility, and critical thinking in a variety of business contexts.
This article is based on Vazquez, Erik Ernesto : “Effect of E-Retail Product Category on Performance” In Predicting Trends and Building Strategies for Consumer Engagement in Retail Environments, ed. Giuseppe Granata, Andrea Moretta Tartaglione and Theodosios Tsiakis.