3 Things Everyone Should Know About Product Assortment

We have been making choices and comparing products since before we knew we were actually doing it. Our brains are wired to compare. It’s unavoidable and necessary. The real question to ask is “how” do we make these comparisons? When we see various products lined up on a shelf, across brands, with different ingredients, features, and prices - how do we know what we want? Even better, how can retailers know what we want, and create a more optimized product assortment to reflect this?

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Topics: allocation, decisions, assortment optimization

Predicting the Unknown - What Global Unrest, Netflix, and Retail have in common

Considering the volume of data we have access to at any given time, one would think that there isn’t any task, question, concept, or scenario that we can’t handle. That couldn’t be farther from the truth because generally speaking, as humans, we stink at making decisions from data and vehemently dislike not knowing things. 

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Topics: decisions, big data, predictive analytics

It’s OK to Trust Your Gut... Right?

I “go with my gut” on a lot of things. This is especially true when I don’t have the right information to back up a confident decision. Most of us are wired so that we rely on our instinct, yet balance it with tangible information (data) where possible. In these situations, our minds are aligned with our gut, usually resulting in better overall decisions. But what if there is an imbalance?

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Topics: data overload, allocation, decisions

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