Retail is one of the entire unforgiving businesses, and unsurprisingly too. Therefore, the retail Industry is an early adopter of analytics, as they have utilized analytics across every function to achieve a unique Competitive Advantage v/s their Peers. In today’s hyper-competitive world, both online & offline retailers are chasing the penny down to hallway, and each possible dollar earned / or saved has an enormous impact on retailer’s business.
Retail is a big data problem. The toughest part is the ability to weed out the noise and focus out on the signals in the data – leveraging the strong domain expertise and the intellectual curiosity to connect the dots in the vast troughs of data.
Analytics plays a key role across almost in every business function for a retailer – be it building consumer loyalty, optimizing category assortments, selecting the right sites for stores, pricing & promotion strategies. Some of the critical analytics modules for retail would be the following:
- Assortment Optimization
- Promotion & Discounts Analytics
- Store level profitability optimization
- Segmented Pricing Strategies
- Category Management
- Shopper Analytics
- Customer Loyalty Analytics