Featured in WWD: Retail's Irrelevance, and How Big Data Can Fix It - Indix



Featured in WWD: Retail’s Irrelevance, and How Big Data Can Fix It

An interview with our founder and CEO Sanjay Parthasarathy by Arthur Zaczkiewicz was published in Women’s Wear Daily on December 23, 2015. The following is a brief summary. You can read the original interview here

shutterstock_182000288hTraditional retail is becoming increasingly irrelevant due to its inability to keep up with the paradigm shift that consumer shopping and buying habits have gone through over the past decade. Shopping isn’t destination-based anymore. It’s more about an overall experience.

Retailers need to focus on how they can get products to consumers where they are, and not the other way around. Implementing the right technology will be the key to unlocking tomorrow’s shopping experiences. Data science and machine learning will enable the automation of the efforts required to extract insights from large amounts of data and match the right product with the right customer.

Indexing the world’s products creates a shift from e-commerce to “Me”-commerce. With an index of all of the world’s products, consumers can easily find, evaluate and buy what they want, when they want, from wherever is most convenient. In the future, shopping will function much like a stock market, where the market will determine the value of a product given the transparency around product information – from price, to reviews, availability, etc.

Indix is “seeking to index all of the world’s billions of products and do for products what Google Maps has done for location and Facebook has done for people”, says Sanjay Parthasarathy. A central Product Information Marketplace will provide complete transparency in the retail economy and better inform and transform the shopping experiences of tomorrow.

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