The New Ways We Drop Dough
WHY YOU SHOULD CARE
Because modern mall rats don’t have to leave the comfort of their living-room couches.
By OZY Editors
In the data-driven economy, the more you buy, the more you may end up getting charged. The more faithful you are to a certain company, the easier it is for that company to take advantage of your loyalty. Of course, price discrimination of some sort is as old as the bazaar itself. Sellers have always tried to size up buyers and use the bits of information they glean to set prices. What’s new is that the algorithms that gather data are more sophisticated, giving companies better tools to discriminate. Read the story here.
They may be old school, but brick-and-mortar retailers are tracking you in ways the NSA might admire. Whether it’s video surveillance, in-store Wi-Fi monitoring, heat mapping or geosensors, traditional retailers are discovering technology’s value in combating the spawn of technology: online retailers. Increasingly sophisticated analytics tools enable retailers to better cater to in-store customers by tracking foot traffic and shopping behavior, effectively deploying employees within areas of a store and scheduling them during peak hours. Read the story here.
Blame it on Downton Abbey and pomp and glory events like the fairy-tale wedding of William and Kate: The Chinese have a taste for the British high life. And during the first week of October, Chinese Golden Week, they stampede London to grab some of the country’s high-end brands. Retailers are capitalizing on the trend: Westfield, the shiny west London mall known for its concentration of designer boutiques, has translated its mall guide into Mandarin and hired a Mandarin-speaking staff. Some stores even take the China UnionPay card. Read the story here.
Most guys hate shopping. Unless it’s waiting in line for a giant plasma TV or the latest iDevice. But clothes? Not so much. Thankfully, a number of emerging online subscription services are doing the heavy lifting by recommending styles and shipping boxes of selected clothing to your door, meaning you can shop like a modern (lazy) man from the comfort of your couch — even in your not-so-stylish underwear. These clothing subscription services are sort of like taking your girlfriend with good taste to the mall to help you shop — without the girlfriend or the trip to the mall. Read the story here.
- OZY Editors, OZY AuthorContact OZY Editors