Ex-Amazon chief scientist calls on retailers to adopt a data mindset
Amazon’s former chief scientist has issued a call for brands and retailers should shift to a data mindset in order to inform their decision making and boost profits in a new white paper – The Dawn of Decision Intelligence.
Andreas Weigend, now director of the Social Data Lab at Stanford University, is now a proponent of turning data into actionable intelligence, enabling brands and retailers to maximise increasingly scant resources for maximum return.
This includes providing customer feedback data to buyers, suppliers and designers more quickly to improve loyalty.
Weigend said: “Many retailers are overwhelmed by the amount of data they have today; we argue that’s not enough! It may feel counter-intuitive, but you should share your data with your suppliers and partners as well as your customers. It will empower decision making all along the chain.”
Andrew McGregor, CEO at eCommera, added: “Because consumers now buy so differently and across so many channels, brands and retailers are sitting on enormous amounts of data. To profit from this data-driven mindset is requisite. In this way, they can cut through the complexity to identify the specific actions that will have the biggest impact on growth.”
The white paper will be launched tomorrow in London.