Chapter 8: E-Retailing

Chapter 8: E-Retailing

Overview

Through data mining a company can synthesize website patterns into meaningful information, enabling it to individually distinguish, understand, and engage customers and prospects over the Web (Figure 8?1). The mining of transactional data and the vast flow of business intelligence it represents is the key to creating a lasting relation with online customers and establishing a productive website. The instant interactivity of web transactions breeds accelerated change in product design, delivery, and customer service. Make no mistake, electronic retailing is here to stay, and buying and selling will never be the same?for every transaction and ?look? can now be digitized, aggregated, visualized, averaged, and (most importantly) mined.

Figure 8?1 Data mining is about recognizing the signature of sales and the customer who made it.

In a networked environment with instantaneous connections, there is a huge premium on instant response and the ability to learn from and adapt to the marketplace in real-time. Winning electronic retailers accept this current culture of constant change and are willing to constantly break down and reconstruct their products and processes to evolve to their customers? expectations. Remember that data mining is about perception and learning; it is about artificial intelligence technologies being used to look for patterns in this fast changing business environment. Data mining is about using artificial intelligence technologies for business competitive intelligence. It is also about evolving, and leveraging technologies and tools to quickly adapt to the flow of change of a digital networked marketplace that...

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Chapter 8: E-Retailing

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