A Data Explosion Is Remaking Retailing
Retailing is emerging as a real-world incubator for testing how computer firepower and smart software can be applied to social science — in this case, how variables like household economics and human behavior affect shopping.
To be sure, major retailers like Wal-Mart Stores have long been sifting through in-store sales and demographic information to aim goods at different stores and to tightly manage supplies.
But what is changing, experts say, is the rapid surge in the amount and types of digital data that retailers can now tap, and the improved computing tools to try to make sense of it. The data explosion spans internal sources including point-of-sale and shipment-tracking information, as well as census data and syndicated services. Companies also track online visitors to Web commerce sites, members of social networks like Facebook and browsers using smartphones.
The better tools, they say, are ever cheaper and faster computers and so-called business intelligence or analytic software for finding useful information and patterns in that data.
Turow’s Niche Envy, here we come….
Well, I guess they’re on the same side now, except that one gets NYTimes Op-Ed ink: Ten for the Next Ten
A decade’s worth of music file-sharing and swiping has made clear that the people it hurts are the creators — in this case, the young, fledgling songwriters who can’t live off ticket and T-shirt sales like the least sympathetic among us — and the people this reverse Robin Hooding benefits are rich service providers, whose swollen profits perfectly mirror the lost receipts of the music business.
We’re the post office, they tell us; who knows what’s in the brown-paper packages? But we know from America’s noble effort to stop child pornography, not to mention China’s ignoble effort to suppress online dissent, that it’s perfectly possible to track content. Perhaps movie moguls will succeed where musicians and their moguls have failed so far, and rally America to defend the most creative economy in the world, where music, film, TV and video games help to account for nearly 4 percent of gross domestic product. Note to self: Don’t get over-rewarded rock stars on this bully pulpit, or famous actors; find the next Cole Porter, if he/she hasn’t already left to write jingles.
Seriously, ISP profits? That’s where the music industry’s money has gone? Unless he really means these guys, I don’t quite get it.
And, BTW, what exactly distinguishes “over-rewarded rock stars?”
Later: Bono’s “One” Ignorant Idea