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- Wiley
More About This Title Style & Statistics: The Art of Retail Analytics
English
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.
English
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.
English
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
