Retail Analytics: The Secret Weapon
Drowning in data? You're not alone. Retailers across the globe have collected a coffer of data over the years. Knowing how to analyze and mine that data to increase sales and reap bigger profits is the key to your company's success. Learn how to leverage your data to your strategic advantage like the best-in-class retail giants with the field-tested solutions and examples found in Retail Analytics.Intended as a reference guide to help you develop a better understanding of retailers' language and analytic processes, Retail Analytics provides you with the tools you need to analyze data, manage inventory, increase sales, and anticipate trends. Based on author Emmett Cox's thirty years of retail experience at Walmart, Kmart, and GE Money Global, this comprehensive reference guide provides fact-based, field-tested analytic strategies that you can replicate in your own company, including how one retailer eliminated 20 percent of its merchandise mix and still saw a 30 percent sales gain.Beginning with a fundamental understanding of retail terminology and concepts across a wide variety of backgrounds and experience levels, each chapter covers a different focus of the retail environment, including retail basics, the highly volatile apparel industry, the importance of geography and demographics, in-store marketing and presentations, organization structures, and common retail database designs.Throughout the guide, Cox weaves numerous hands-on solutions, case studies, and real-world examples of data-driven projects from such leading retailers as Kmart, Coles Group Kmart Target, ASDA, Walmart, and others. You'll discover:The ABCs of retail: Know your SKUs, UPCs, EANs, JITs, POSs, and UCCsWhy data without use is just overheadCelebrity marketing: how to monitor incremental increases in quantity and sales of each "celebrity" itemCritical need-to-know information in apparel analyticsProduct placement: why diapers and chewing gum go well togetherGeography's role in retailStrategies for in-store marketing and presentationHow traffic patterns have evolved over the years to suit customers' time restrictionsTips for setting up your store for successHow to develop loyalty programs early onConsumer finance credit card retail perspectiveHow Kmart developed the School Spirit loyalty programDon't leave the fate of your business's success to chance. Discover how to apply the science of analytics to maximize results with the help of Retail Analytics.