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By Ravi Vijayaraghavan – VP & Head – Analytics and Decision Sciences, Flipkart
In product management, strategic decision-making is one of the most important factors behind making a successful product. You must be well aware that Flipkart is one of the biggest e-commerce giants in the country. But what does this organization do? What does the strategic decision-making process at Flipkart mean from the perspective of data and technology? There is one aspect called measurement science which is a part of their strategy processes.
As a product manager, you must first understand what exactly Flipkart does. It is a part of the e-commerce industry facilitating online retail transactions, offering a wide array of products and services to its customers.
The most common aspect utilized by Flipkart to run its strategic operations is called measurement science. Not just Flipkart, it is the core to how any good internet scale company is run. The beauty of these companies is that you keep getting data and you can actually make very clear, thoughtful decisions as long as you have the measurement science built really well.
Measurement science involves building statistical and machine-learning-driven frameworks. These help Flipkart in utilizing the data it has to make informed, data-driven product decisions.
They also enable it to learn more about its customers, market trends and competition.
As product managers, you should understand that the hierarchical framework extends beyond L0 metrics to include a hierarchy of drivers that contribute to achieving these metrics.
For example, if customer experience is identified as the North Star metric, drivers such as delivery speed, product quality, and customer service are delineated. These form the groundwork for strategic and operational decisions in Flipkart.
Establishment of a clear hierarchy of metrics empowers product managers to focus only on specific areas of responsibility. Each of them is assigned a set of metrics aligned with their domain, which ensures accountability from their end and clarity on what they need to do. This in turn enables efficient execution while maintaining alignment with strategic objectives.
Measurement science plays an important role in product development. Before a new product feature is finalized, Flipkart employs rigorous AB measurement frameworks to assess their impact on key metrics. This data-driven approach helps product managers ensure that product decisions are backed by evidence, which helps in making innovative and better products.
Hence, with the utilization of the concept of measurement science, Flipkart helps in making strategy-driven decisions, optimize efficiency and improve their customer experience. By including the hierarchical framework of metrics and advanced analytics techniques in their product development process, Flipkart continues to thrive in the e-commerce space.
Measurement science involves the collection, analysis, and interpretation of data to inform strategic decisions.
Statistical and ML driven frameworks help Flipkart in utilizing the data it has to make informed, data-driven product decisions. They also enable it to learn more about its customers, market trends and competition.
A/B measurement framework helps product managers ensure that product development decisions are backed by evidence, which helps in making innovative and better products.
About the Author:
Ravi Vijayaraghavan – VP & Head – Analytics and Decision Sciences, Flipkart
