Among the most ubiquitous street food in Malaysia are your humble Ramli burger stalls. Sloppy, juicy hamburgers made-asian with plenty of sauces. Each stall are assigned with a geographical domain by a central distributor. The stall owner has complete autonomy on his/her recipe, pricing and promotion. They bear all inventory risk.
(photo credit: www.hungrygowhere.com)
Suppose you’re a stall owner – wouldn’t you before you start operation, it will be wise to conduct some form of market research? What if someone tells you that 47% of the resident in the area consumes only fish, and the remaining 53% are beef-lover. Won’t you adjust your inventory and menu accordingly – to minimize risk and maximize sales offload?
The same principle applies, if you are going to start an online store – there’s a weath of data pertaining to your customer’s preference, buying behaviour and population size to ascertain and predict sales trajectory, there’s plenty of information on your competition and pricing to adjust your pricing and promotion plan – why not start collecting and use it?
In this video, I will describe why it is important to collect these data and how these data are used.
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