Retail Analytics: The Revolution In Consumer Markets. Benchmarking Your Retail Performance, Why Predictive, Diagnostic and Descriptive Analytics Matters

by Litmux Books, Gloria Jubi

Retail analytics today is more powerful and more flexible than ever before. From setting price points to predicting next season's trends, retailers have been working to move faster and be more efficient than never before. With interactive and easy-to-use software becoming more prevalent, retail analytics is no longer just the domain of mathematicians and statisticians. Business analysts and line-of-business experts are using these technologies. What can you expect from retail analytics? An in-depth insight using descriptive, diagnostic and predictive analytics allows retailers to predict customer behavior and estimate what kind of products will become popular in the upcoming season so that they can plan and strategize beforehand. For instance, predictive models can determine which customers are unhappy with the brand and are likely to defect. Based on such insights, the retailers can then provide offers and incentives to retain the customers. The goal is to go beyond knowing what has happened to providing the best assessment of what will happen in the future. Specifically, the retail winners are the ones who engaged in these productive They put a high value on analytics. Fully 77 percent of winning retailers rated analytics as very important to their retail success. They know they can’t get by without integrating more predictive capabilities into their decision-making processes, and they understand why this is so. They value more rigorous forecasting. Nearly two-thirds of winning retailers (74 percent) rated demand forecasting technologies as very important to their success, compared to 58 percent for the others. Finally, they bring analytics into the process earlier. This Book “Retail Analytics” will be of a great help to you. Enjoy!

152 pages, Kindle Edition

Published February 1, 2020

Reviews

[Rohit Manghnani · Rating 3 out of 5]

Usable handbook - Bit theoritical

Has a lot of concepts which can be used. Requires making notes of what you can use as a retail practitioner. Some concepts are really interesting but how to execute them is left out and that the user will then need to separately figure by finding SaaS solutions or researching the maths for the same.

[Dong Li · Rating 5 out of 5]

Analytics in the retail business

This book covers analytics tailored specifically to the retail business and introduced all analytical tools, frameworks, landscape and how analytical advancement impacts all business functions.