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"The Motley Fool - As choice becomes overwhelming, the winners of the future retail war will be the ones who can help guide customers to the perfect products."
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Scooped by Robin Good |
Scoop.it!
Robin Good's insight:
Motley's Fool contributor Andrew Marder has written about the critical importance that curation will have for the retail universe by citing as relevant examples Netflix and Amazon.
Netflix for example officially states: "...instead of trying to have everything, we should strive to have the best in each category."
In short, curation looks to provide customers with the best possible products instead of the most products possible.
"Amazon has dabbled in curation through its lists system, which allows other users to make curated lists, and through its "customers who viewed this item also viewed..." capability.
...
The success of curation is going to come from the combination of massive selection and systematized suggestion.
The model that Amazon is skirting the edges of gives consumers the ability to both drive their own choices and discover new ways to spend their money. As the algorithms that choose these recommendations become more powerful, the businesses will find higher strike rates with the suggestions.
My comment: Undoubtedly, a growing trend emerging for online retailers is the need to focus on selecting and curating the most relevant products, rather than all of those available, for their specific tribe. This is why those retailers capable of finding and hiring quality curators (or leveraging their users passions) to organize and showcase their product line-ups will be enjoying greater conversions and sales than those simply using algo-based selections.
Expert advice and trusted suggestions work a lot better than any algo.
Rightful. Insightful. 8/10
Full article: http://www.fool.com/investing/general/2013/05/23/the-future-of-retail-is-curation.aspx
(Image credit: Pair of shoes circle by Shutterstock)
Motley's Fool contributor Andrew Marder has written about the critical importance that curation will have for the retail universe by citing as relevant examples Netflix and Amazon.
Netflix for example officially states: "...instead of trying to have everything, we should strive to have the best in each category."
In short, curation looks to provide customers with the best possible products instead of the most products possible.
"Amazon has dabbled in curation through itslists system, which allows other users to make curated lists, and through its "customers who viewed this item also viewed..." capability.
...
The success of curation is going to come from the combination of massive selection and systematized suggestion.
The model that Amazon is skirting the edges of gives consumers the ability to both drive their own choices and discover new ways to spend their money. As the algorithms that choose these recommendations become more powerful, the businesses will find higher strike rates with the suggestions.
My comment: Undoubtedly, a growing trend emerging for online retailers is the need to focus on selecting and curating the most relevant products, rather than all of those available, for their specific tribe. This is why those retailers capable of finding and hiring quality curators (or leveraging their users passions) to organize and showcase their product line-ups will be enjoying greater conversions and sales than those simply using algo-based selections.
Expert advice and trusted suggestions work a lot better than any algo.
Rightful. Insightful. 8/10
Full article:http://www.fool.com/investing/general/2013/05/23/the-future-of-retail-is-curation.aspx
Here it is!