Tired of reading about AI, ML, NLP, and all the other acronyms of how companies are leveraging data? Amazon is putting our shopping data into action well beyond recommending more products we might like. They are creating new products!
I read this article recently and was blown away. I remember not long ago companies were deciding whether to sell on the Internet . Now they are faced with a more complex scenario.
Sell on Amazon which provides data that can be used against them -- or don't sell on Amazon and suffer a decrease in sales and brand relevance.
"On the surface, the move into the private label business (in which goods are sold under the retailer’s name rather than that of an outside vendor) appears to be a deft move by Amazon. Analysts predict that nearly half of all online shopping in the United States will be conducted on Amazon’s platform in the next couple of years. That creates a massive opportunity for Amazon to more than double revenue from its in-house brands to $25 billion in the next four years, according to analysts at SunTrust Robinson Humphrey. That’s the equivalent of all of Macy’s revenue last year."
Amazon is #18 on the Fortune 500 with $180 billion in revenue and is using data to create the equivalent entity that would overtake companies like Michelin, which has been on the Fortune 500 for 24 years. This story demonstrates the power of moving beyond metrics and KPIs and towards making data actionable.
Here's how you can download your Amazon order data
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