A non-technical guide to leveraging retail analytics for personal and competitive advantage Style & Statistics is a real-world guide to analytics in retail. Written specifically for the non-IT crowd, this book explains analytics in an approachable, understandable way, and provides examples of direct application to retail merchandise management, marketing, and operations. The discussion covers current industry trends and emerging-standard processes, and illustrates how analytics is providing new solutions to perennial retail problems. You'll learn how to leverage the benefits of analytics to boost your personal career, and how to interpret data in a way that's useful to the average end business user or shopper. Key concepts are detailed in easy-to-understand language, and numerous examples highlight the growing importance of understanding analytics in the retail environment. The power of analytics has become apparent across industries, but it's left an especially indelible mark on retail. It's a complex topic, but you don't need to be a data scientist to take advantage of the opportunities it brings. This book shows you what you need to know, and how to put analytics to work with retail-specific applications.
Learn how analytics can help you be better at your job Dig deeper into the customer's needs, wants, and dreams Streamline merchandise management, pricing, marketing, and more Find solutions for inefficiencies and inaccuracies As the retail customer evolves, so must the retail industry. The retail landscape not only includes in-store but also website, mobile site, mobile apps, and social media. With more and more competition emerging on all sides, retailers need to use every tool at their disposal to create value and gain a competitive advantage. Analytics offers a number of ways to make your company stand out, whether it's through improved operations, customer experience, or any of the other myriad factors that build a great place to shop. Style & Statistics provides an analytics primer with a practical bent, specifically for the retail industry.
John Wiley & Sons Inc
Country of Publication:
Series: Wiley and SAS Business Series
18 November 2016
Professional and scholarly
Acknowledgments ix About the Author xi Introduction 1 Chapter 1 The Changing Face of Retail 5 Chapter 2 Merchandise Financial Planning 15 Statistical Forecasting 21 Chapter 3 Assortment Management 29 Understanding Your Customer 31 Understanding Product Choice Counts 35 Understanding Current Product Performance 38 Predicting the Evolution of Trends 43 How Much to Buy? 47 What Sizes Do I Need? 51 Chapter 4 Fulfillment 57 Allocation 58 Order Fulfillment 65 Chapter 5 Pricing 71 Pricing Analytics 77 Regular Price 84 Promotional Pricing 85 Markdown/Clearance Pricing 94 Pricing Maturity and Organizational Structures 97 Chapter 6 Marketing 99 Data 100 Marketing Campaign Lift Analysis 106 Customer Lifetime Value 108 Customer Segmentation 110 The Internet of Things 112 Path to Purchase 114 Chapter 7 In-Store Experience 119 Store Labor Forecasting 120 Assortment Optimization 121 The Internet of Things 124 Chapter 8 Cybersecurity 131 Europay, Mastercard, and Visa/Chip Cards 136 Chargebacks 136 Data Governance 137 Chapter 9 Customer Journey 139 Chapter 10 Millie and Boomer: Generations Unified 147 Chapter 11 How to Gain Personal Value from Analytics 155 Citizen Data Scientist 158 Change Agent 160 Finding the Right Fit 162 The Value of Analytics 164 References and Resources 169 Glossary 171 Retail Math 183 Index 185
BRITTANY BULLARD is a Solutions & Analytical Consultant in the Retail and Consumer Packaged Goods Practice at SAS Institute. At SAS, she assists retailers in driving profitability through the use of powerful analytics. During her nine years of retail industry experience, she implemented, managed, and took part in planning solutions for allocation, replenishment, forecasting, location planning, and assortment.