How do you price a bottle of milkshake? Everyone from Ayn Rand to Karl Marx will give you a slightly different answer, but the majority of solutions boil down to some combination of cost, competition, popularity, and good old trial and error. That basic formula hasn’t changed for centuries.
The modern rise of supersized, sell-everything stores has, however, fundamentally altered the method of calculation. With over 200 different varieties of canned tomatoes on Walmart shelves, the complexity of putting a sticker on any one of them has exploded. To take the guessing out of this process, big store chains are now turning to data. Data of the scale and breadth to match their football-pitch-sized supermarkets. Big data.
via The Verge - All Posts http://ift.tt/1iL5xQG
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