Almost a year ago I had the good fortune to get introduced to Dr. Yuping Liu-Thompkins[1] of Loyalty Science Lab, an incredible academician, researcher and good person. Her research focuses on real world issues of more than intellectual interest, research that suggests both problems and solutions. And Dr. Liu-Thompkins, in conjunction with David King[2] and Dr. Bonnie Holub[3] -- both of Teradata-- have done it again.
This post might seem to be aimed at retailers -- and to some degree it's a wake up call for them - but I think you'll see it's pointing to important changes in consumer behavior that have occurred during the pandemic[4] - changes that for the most part are likely to survive it. Their case for analytics usage -- which is not the obvious case -- is compelling. But I'll let them tell you about it.
A year ago, the toilet paper section down your grocery store aisle was just a couple of boring stacked-high shelves, where words like "aloe vera" or pictures of a satisfied bear were about as exciting as it got. Who knew in a few months, it would become the talk of town, not only mentioned repeatedly in the news but also inspiring many hilarious YouTube videos.
If you work in the retail industry, however, the toilet paper shortage may not have been that funny to you. Since the start of the COVID-19 pandemic, you most likely have struggled with numerous challenges, including store shutdowns, supply chain issues, accelerated digital transformation, and changing consumer behaviors.
To tackle all these challenges, we believe smarter analytics adapted to the current environment can go a long way. We will explain why and how. But first, let's take a look at what really