What is retail analytics?
Retail analytics, or retail data analytics, is the process of collecting and studying information related to retail sector, for example, sales, inventory, prices, etc. to analyse and discover trends, predict customer’s behaviour, predict possible outcome of certain products, and make significant business decision. If the stage of retail analytics is done well, this could help a host of businesses and enterprises have better insights of customers, products, and stores’ business performance. These insights then can be optimized for the means of business expansion in the future.
To better understand how retail analytics could empower your business, here are retail analytics use cases that you might want to check them out!
Types of retail analytics
Retail analytics can be seen frequently among retail sellers, from simple, easy-to-make spreadsheets to sophisticated, AI-integrated databases. There are four common types of retail data analytics and each of them has distinct approaches and goals.
- Descriptive Analytics: the most common type of retail data analytics. Raw data from different sources are gathered in Excel or by BI tools, formatted, and finalized. Its purpose is solely to describe the current state of your business.
- Diagnostic Analytics: the most basic type of advanced data analytics. This method uses the raw data from descriptive analytics and dives deeper into data and their correlation. The process includes statistical analysis, algorithms, and machine learning to find out what problem(s) your business is facing.
- Predictive Analytics: the intermediate level of data analytics. By using this method, you are searching for predictions and possibilities that might happen to your business. With the integration of complex algorithms, statistical methods, and data for two previous stages
- Prescriptive Analytics: the last the most advanced type of analytics. This method helps retailers in deciding which move to do next in order to improve the situation for better result. There are multiple approaches to this kind of analytics, from running simulations to using AI algorithms. To fully master this stage requires great understanding of what actions can lead to the best possible solution.
Top 10 useful retail analytic books to read
Here are top 10 recommended retail analytics books that are very excellent on the subject. These books could give you a comprehensive view of customer and marketing analytics, supply chain analytics together with several successful examples and use cases that you can learn from.
1. Retail analytics: The secret weapon
- Author: Emmett Cox – Senior Marketing Strategist, SVP and Director of Marketing Insights and Analytics at BOK Financial in Oklahoma
- Year of publication: 2011
- Main content: This book is suitable for the ones who are new to retail analytics. It shall instruct a broad understanding of retail, as well as to fully optimize those accumulate data. Each chapter will discuss different aspects of retail analytics, from basic definitions to common retail database design. Integrated with the knowledge are cases and examples of successful use of data and analytics from many retail departments. Overall, the book help retailers and analysis for boosting products sale, provide fact-based analytics strategies for replication on larger-scaled success. Retail Analytics: The Secret Weapon is a must-read retail analytics book for any beginner.
- Where to buy: Both of softcopy and hardcover of the book can be found and purchased on Amazon.
2. The little book on Big data: Understand retail analytics through use case and optimize your business
- Author: Mahogany Beckford – Marketing Champion in Salesforce’s expert acknowledgement, Martech Strategist, CX Consultant, Certified Salesforce Professional.
- Year of publication: 2016
- Main content: The Little Book on Big Data is regarded as an “practical guide to retail analytics beginners”, as big data for retail is explained the simplest way possible. Case studies and real-world examples are also provided in order to boost readers’ understanding about how retails progress function, how to use this technology effectively for long-term developments, and how to help increase one company’s profit. What can also be found in this retail analytics book is an awareness of big data tools having the chances of being integrated more in the future.
- Where to buy: The audio version (narrated by Carl Hausman) can be purchased on Amazon and cost no fee with Audible trial.
3. Style & statistics: The art of retail analytics
- Author: Brittany Bullard – Director of Product Strategy for Oracle’s AI capabilities and enterprise platform in the Retail practice at Oracle; former Solutions & Analytical Consultant in the Retail and Consumer Packaged Goods Practice at SAS Institute.
- Year of publication: 2016
- Main content: In Style & Statistics, Bullard explains retail analytics in an approachable way, along with examples of real-life application to merchandise management, marketing and operations. A number of topics are also covered in the book such as emerging trends and processes in the retail industry, and application of analytics solution to solve the challenges in retail sector. Readers with no prior IT background can still find the book comprehensible with easy-to-understand key concepts and numerous examples highlighting how understanding analytics are important in retail environment. Through that, they can leverage their knowledge of retail analytics for personal career, gain better understanding about customers’ demand, and find solutions for any flaws and inefficiencies in the retail industry. Style & Statistics is also a book for companies in retail industry, as it points out the way analytics can help them stand out and gain attraction of customers.
- Where to buy: Readers can choose paperback, hardcover, and Kindle softcopy of the book on here.
4. Why we buy: The science of shopping – Updated and revised for the Internet, the Global Consumer, and Beyond
- Author: Paco Underhill – Founder and CEO of Enrovisell, Inc.
- Year of publication: 2008
- Main content: Despite the fact that the book does not directly deal with retails analytics, it still gives reader a substantial basis and observation of consumer culture for retail data analytics enthusiasts. Why We Buy: The Science of Shopping is a compilation of guide on how to keep current customers and pursue for new ones to keep business working. In the latest extended edition, the book also covers the latest trends in online retail division and news about innovative stores Approximately the globe.
- Where to buy: Why We Buy: The Science of Shopping is still available in Kindle format and paperback on Amazon.
5. The New Rules of Retail: Competing in the World’s Toughest Marketplace
- Author: Robin Lewis – CEO of The Robin Report and RLI Consulting, Michael Dart – leader in AT Kearny’s private equity and strategy practice
- Year of publication: 2010
- Main content: As the world is evolving, so is the retail sector with the emergence of new technologies, globalization, and unprecedent level of competitiveness between retail businesses. In this book, Robin Lewis and Michael Dart investigates the forces behind the changes of retail market and how businesses are adapting to new, modern marketplace. They use the case of many profound brands, namely Starbuck, Ralph Lauren, Apple, Amazon, etc, to indicate the necessity of evolution in the era of e-commerce and data mining. The book also provides information about trends that are driving consumer demand, and three factors determining the success of a business. To sum up, The New Rules of Retail has proven itself correct against the time and given the business leaders the tool to survive and thrive in the industry.
- Where to buy: Readers can choose hardcover or Kindle softcopy of the book on here.
6. The New Science Of Retailing: How Analytics Are Transforming The Supply Chain And Improving Performance
- Author: Marshall Fisher – UPS Professor at The Wharton School and Owner, 4R System Inc., Ananth Raman – UPS Foundation Professor of Business Administration at Harvard Business School.
- Year of publication: 2010
- Main content: The New Science of Retailing reveal the struggle of retailers when they have loads of essential data but without proper customer insight to properly utilize them. In order to improve that, Marshall Fisher and Ananth Raman offer analytics solutions to improve situation. Along with the case studies, the book will guide readers some worthy strategies, from mining sale data for controlling product’s input, reinventing strategies to creating incentives that motivate your supply chain partners to work toward common goals. To conclude, The New Science of Retailing is the playbook for turning all that data into a wellspring of new profits and unprecedented efficiency.
- Where to buy: The book in Kindle format and hardcover can be found on here.
7. Analytics For Retail: A step-by-step guide to the statistics behind successful retail business
- Author: Rhoda Okunev
- Year of publication: 2022
- Main content: Analytics for Retail is a step-by-step guide to understanding and managing the mechanics of markups and markdowns, as well as basic statistics, math, and computers for retail business owner. It focuses on the necessary and useful applied analytics required to build a retail business, as well as the mathematical concepts required for decision making and communication in retail business environments. Specific retail business scenarios are applied to learn basic mathematics, probability, and statistics required for big data analysis. Readers will learn what to do with data once it’s accumulated and how to organize it using descriptive statistics, primarily means, median, and mode, as well as how to read the corresponding charts and graphs. Overall, this book is suitable for ones that are already in the field or a reader that is preparing themselves for analytics-related positions.
- Where to buy: Kindle format and paperback version of the book is available on here.
8. Retail Therapy: Why the retail industry is broken – and what can be done to fix it
- Author: Mark Pilkington – CEO of Gossard, Director of Fire Brand Consulting
- Year of publication: 2019.
- Main content: As the world is entering new era of technology and shopping, we hear more often about well-known retail chains being continuously closed down. In Retail Therapy, certain topics are discussed, namely the force behind the shift of people’s behaviour and relationship with brands, why so many large organizations, malls, and shops lose their attraction, and the nature of supply chain. Throughout the whole book, readers are provided with extensive studies of those said topics, discover how they are making impacts on the field of retailing, and figure out the solution for sustainable success in the long run.
- Where to buy: Kindle and paperback edition of the book can be found on here.
9. Reengineering Retail: The future of selling in a post-digital world
- Author: Doug Stephens – Founder of Retail Prophet, Retail Futurist
- Year of publication: 2017
- Main content: Reengineering Retail, a sequel following The Retail Survival, discusses the revolution in global retail and consumer good market after witnessing the rise of the sale giants and the fall of small retail business. In this book, Doug Stephen has pointed out a future vision in which our experience and concept of shopping and retail activities, at any scale, will be profoundly reinvented under the influence digital technology. Stephen’s strategies, interviews with industry disruptors, and real-world examples are all packed in 256 pages of reading.
- Where to buy: Kindle and hardcover edition of the book can be found on here.
10. Resurrecting Retail: The future of business in a post-pandemic world by Doug Stephens
- Author: Doug Stephens – Founder of Retail Prophet, Retail Futurist
- Year of publication: 2021
- Main content: As Covid-19 pandemic swept the world, numerous aspects and social sectors has been tremendously affected. Retail industry was no exception as it first entered a month-long halt in the history. In Resurrecting Retail, Dough Stephens retells not only how the wave of pandemic has set an unprecedented scenario for retail industry but also how businesses strive for post-pandemic resurrection. Throughout the book, readers can also understand the effect of Covid-19 in changing customer behaviours. It also helps business leaders, or simply analytics enthusiast, understand and find a suitable resurrecting plan for their business in the post-pandemic future.
- Where to buy: Kindle and hardcover edition of the book can be found on here.
More Retail Analytics use cases to learn!
Top 10 useful retail analytics courses for all levels (Free & Paid)
Retail Analytics Course is another useful resource that you can accumulate knowledge from. In our recommended list below, we include both free and paid courses at all levels so that you can choose the most suitable course to get started learning!
1. Business analysis and process management
- Course type: Coursera’s Guided Project
- Cost: Free
- Level: Beginner
- Duration: 2 hours
- Course Description: The free guided project Business Analysis and Process Management is suitable for beginners, managers who are working in small and medium enterprises, and work best with learners in North America region. It will provide learners an initial understanding of business analysis, which helps further develop the solution-creating skills to deal with business problems. By the end of the project, learners are expected to develop their proficiency in English, business background, and computer literacy. Learners can also analyse, evaluate business and find solutions to current problems; define processes, objectives, and flow of business in organization context. This course is also necessary for tra
The contents in the course include: Basic Knowledge building; Recognize business process; Lucidchart’s modelling tool and how to create model on it; Analyse & Evaluate process model. While learning in Guided Project mode, students can watch step-by-step video on split-screen and work simultaneously on the left workspace. - Certificate availability: No certificate provided.
- Other requirements: Learners must be at least 2 years of experience in the field of Business (in education and/or practice)
- Access to the Course: Business Analysis and Process Management
2. Microsoft Power BI Data Analyst Certification For Beginner
- Course type: K21 Academy’s online course
- Cost: Free
- Level: Beginner
- Duration: 1.5-3 hours
- Course Description: Microsoft Power BI Data Analyst Certification for Beginner is introductive course to the use of Microsoft Power BI tool for desktop, service, and mobile in data analysis. By attending the course, learners are able to gain understanding about the role of data analyst, the objectives and target groups that are welcomed and encouraged to learn data analytics. The course also provides learners an insight about the reason why the role of data analyst is consistently on high demand and how enterprises and company generate benefits from data analytics. Throughout the course, career opportunities and market trends related to data analytics are also mentioned. Other activities like hand-on labs and QnA session with experts are also carried out before learners finally finish the course.
- Certificate availability: Microsoft Data Analyst Associate
- Other requirements: No
- Access to the Course: Microsoft Power BI Data Analyst Certification For Beginner
3. Market and Retail Analytics
- Course type: Great Learning’s online course
- Cost: Free
- Level: Beginner
- Duration: 3 hours
- Course Description: Market and Retail Analytics, taught by Prof. Raghavshyam Ramamurthy, Industry Expert in Visualization, is described to help learners understand demand and dominating trends that help businesses generate profit in the retail industry. Throughout the course of retail analytics & marketing, core marketing terminologies are explained and cases of analytics application in retail are also discussed. Learners can learn two main data modelling approaches of the course that are frequently used in marketing – RFM Analysis and KNIME – in order to collect data like purchase recency, frequency, and total amount spent on a purchase. By the end of the course, learners can easily adopt retail analytics into their business after thoroughly understanding about essential business insights and customer demands
- Certificate availability: Certification of Completion
- Other requirements: No
- Access to the Course: Market and Retail Analytics
4. Complete Introduction to Business Data Analysis
- Course type: Udemy’s online course
- Cost: $16.99-$84.99 (depend on occasional discounts)
- Level: Beginner – Intermediate
- Duration: 3 hours and 41 minutes
- Course Description: The speaker of the course is Ian Littlejohn – an international trainer, consultant and data analyst specializing teaching data analysis, Pivot, Microsoft Power BI, and Amazon Quicksight. In Complete Introduction to Business Data Analysis, learners can learn how to apply different data analysing methods and turn them into insights and intelligence. Some methods mentioned are: Key Metric, Comparison Analysis, Variance Analysis, and so on. To add up, learners also study the importance of the form of analysis and how to perform analysis on Excel. Ian also stresses on the ability of asking questions about data, making it an income stream, better decision making and productivity. The practice of the course will be performed mostly on Excel in Office 365, but versions of 2013, 2016, and 2019 are still compatible. The course is designed specifically for Business people, Excel users, and students who share the same interest in data analysis.
- Certificate availability: Certificate of Completion.
- Other requirements: Learners must have basic understanding of Excel; Excel (from 2010 version and above) Excel Power Pivot, Power View are already equipped on Windows-running laptops and/or PCs.
- Access to the Course: Complete Introduction to Business Data Analysis
5. Retail for Business Analysts and Management Consultants
- Course type: Udemy’s online course
- Cost: $16.99-$84.99 (depend on occasional discounts)
- Level: Intermediate-Advanced
- Duration: 6 hours and 9 minutes
- Course Description: Retail for Business Analysts and Management Consultants is created by Asen Gyczew – a 15-year-in-experience consultant working in home improvements, pharmaceuticals, vending, kids products, and so on. The course is created to help people who are struggling in achieving broader knowledge of retail industry and dealing with details of any certain aspect. Additionally, it is best for those who work in retail, such as Management Consultant, Business Analyst, Controllers, etc. He expects the course will help learners to lessen the gap, recognize the elements of business, and eventually can transform them into a retail expert. Not only that, this course can elevate one’s job opportunities in retail after finishing the course. From this course, learners shall go through step-by-step-guides, filled with analyses, tips, and tricks for improvement from the speaker. There are 6 skills that learners are expected to achieve and questions are appreciated.
- Certificate availability: Certification of Completion
- Other requirements: Learners should have basic knowledge of economics and/or finance; basic to intermediate Excel skills.
- Access to the Course: Retail for Business Analysts and Management Consultants
6. Marketing analytics and Retail Business Management
- Course type: Udemy’s Online Course
- Cost: $16.99-$29.99 (depend on occasional discounts)
- Level: Beginner
- Duration: 11 hours and 11 minutes
- Course Description: For those who are eager to learn about Marketing Analytics and Retail Business Management, this is the course that worth spending for. Anyone who is curious enough about the analytics can subscribe to the course. The course teaches learners about different forecasting models, conducting market research, RFM analysis, using Excel to portray those said models, and understanding customers’ value. When learners finish the course, they are expected to be capable of utilizing those skills for the means of profit and sale maximization, better money spending on acquiring more customers and more effective marketing analytics strategies. This is one of the courses that highly focus on retail analytics, so that you could learn
- Certificate availability: Verifiable Certificate of Completion
- Other requirements: a PC/ Laptop equipped with Excel, basic understanding of Excel function.
- Access to the Course: Marketing Analytics and Retail Business Management
7. Introduction to Business Analytics 2024
- Course type: Udemy’s online course
- Cost: Cost: $16.99-$84.99 (depend on occasional discounts)
- Level: Beginner
- Duration: 4 hours and 45 minutes
- Course Description: Introduction to Business Analytics is designed for those who strive for a position in Business; those who are already in the industry but want to explore more about business analytics in general; and those who are in manager position of certain enterprises. By joining the course, learners can acquire knowledge of business analytics skills. Several skills worth to be mentioned are stakeholder mapping, end-to-end process mapping, end-to-end processes in corporation, internal and external benchmarking, analytics project management, and many more. All of this will be taught by Randy Rossel, a business controller, а senior manager of planning and consolidation, an associate director of planning and performance management that has been working in Coca-Cola ecosystem for more than 16 years. While attending the course, learners gain access to iota of learning material, ranging from structured training to exercises and future courses update.
- Certificate availability: Certification of Completion
- Other requirements: No
- Access to the Course: Introduction to Business Analytics 2024
8. Google Data Analytics Professional Certificate
- Course type: Coursera’s Professional Certificates (Multicourse online training program with hand-on projects provided by cooperations)
- Cost: $14/month (Available 7-day free trial before payment and financial aid)
- Level: Beginner
- Duration: Approximately 240 hours
- Course Description: Google Data Analytics Professional Certificate is a professional data analytics training program designed by Google and collaboratively taught on Coursera platform. Whoever attend the course, whether unexperienced or intended to invest in a new field, are welcomed to attend the course. By attending it, learners are expected to achieve in-demand skills for entry-level jobs through the set of 8 courses spanning in 6 months. Some to name are extensive understanding of data analytics’ practices and processes, key analytical skills and tools (data cleaning, analysis, spreadsheet, SQL, Tableau, etc.), data visualization, and clean data organization. Besides, the program also equips assessments that help learners to familiarize with real-world scenario that might occur in work. The content is developed by experienced Google employee in data analytics. After finishing the program, it is expected that learners will gain problem solving skill, critical thinking, data visualization, and possibly a entry-level in the field of data analytics.
- Certificate availability: Shareable Certification of Completion
- Other requirements: No
- Access to the Course: Google Data Analytics Professional Certificate
9. Business Analytics Specialization
- Course type: Coursera’s Specialization (Multicourse program with hand-on project to master a skill)
- Cost: $79/month (Available 7-day free trial before payment and financial aid)
- Level: Beginner
- Duration: Approximately 72 hours
- Course Description: Under the instruction of University of Pennsylvania’s prominent Marketing professors, those who have no prior analytics experience or have expertise in business can get introduction to big data analysis. Learning the courses, attendees will gain knowledge of how data analysts “describe, predict, and inform business decisions in the specific areas of marketing, human resources, finance, and operations”. After that, learners can develop their own understanding and mindset about data, which enhances decision-making skills. Hands-on project of the course is filled with simulating business problems for which learners apply what they learn and solve them. At the final of the project, students are able to “interpret a real-world data set and make appropriate business strategy recommendations”. It is also expected that certain skills will be achieved such as customer analytics, business analytics, predictive analytics, and marketing performance measurement and management.
- Certificate availability: Shareable Certification of Completion
- Other requirements: No
- Access to the Course: Business Analytics Specialization
10. Advanced Business Analytics Specialization
- Course type: Coursera’s Specialization (Multicourse program with hand-on project to master a skill)
- Cost: $49/month (Available 7-day free trial and financial aid)
- Level: Intermediate
- Duration: Approximately 60 hours
- Course Description: Advanced Business Analytics Specialization is offered by University of Colorado Boulder and instructed by David Torgerson, Dan Zhang, and Manuel Laguna. By attending the course, learners have opportunities to use acquired data analytics skills to develop business and accelerate profit. Other certain skills can be used for executing 4 stages of data analytics, namely data analysis, data visualization, SQL, data quality, and so on. The skills acquired will be applied to business problems and data sets in practice session. Basic Excel and Analytic Solver Platform are two main tools for most of the steps, from building conceptual model and simple database to develop model, interpret software output and data extraction for the result presentation. In today’s competitive business environment, decision makers face complex problems. Gain a distinct competitive advantage by using data to explain a company’s performance, evaluate different courses of action, and apply a structured approach to business problem-solving. The course is estimated to complete in the span of 5 months, with the rate of 3 hour/ week. Of all retail analytics courses mentioned above, this course is the most difficult and advanced.
- Certificate availability: Shareable Certification of Completion
- Other requirements: No
- Access to the Course: Advanced Business Analytics Specialization
Top 10 Retail analytics reports that you don’t want to miss
Beside retail analytics courses and books, we suggest you should consider reports a source of learning. In this section, we would like to divide in two main categories, one discussing current factors of retail data analytics, while the other contain predictions to the market of retailing
1. Retail analytics: Driving success in retail industry with business analytics
- Author: Sudeep B. Chandramana – Assistant Professor, Mar Athanasios College for Advanced Studies Tiruvalla, (MACFAST), Affiliated to Mahatma Gandhi University, Kerala, India
- Year of publication: 2017
- Main content: As the competitiveness in retail market tremendously risen, it is critical to manage and channelize data for customer’s satisfaction and profit gain. Throughout this research, readers shall know the history of retail industry and how businesses are applying analytics in making marketing strategies.
- Access to the report: Retail Analytics: Driving Success in Retail Industry with Business Analytics
2. Using big data analytics to combat retail fraud
- Author: Danni Zhang, Steffen Bayer, Gary Willis, Gina Frei, Enrico Gerding, Pk Senyo
- Year of publication: 2022
- Main content: Fraudulent returns are nightmare for most retailers as they can cause great loss to the business. This paper is the work of cooperation on identifying what factors cause customers to return fraudulent products, gaining insight on fraud prevention, developing fraudulent returns forecasting system and implicating system on reducing fraudulent returns and related financial impacts. Therefore, retailers can make more cost-effective evaluations and fraud prevention methods.
- Access to the report: Using Big Data Analytics to Combat Retail Fraud
3. Predictive big data analytics for supply chain demand forecasting: Methods, applications and research opportunities
- Author: Mahya Seyedan & Fereshteh Mafakheri
- Year of publication: 2020
- Main content: Predictive analytics is said to be the most impactful step in big data analysis, and this report has proven it right. The process mainly contains investigating the predictive big data analytics application in supply chain and providing insight for further research. This survey also indicates that the literature on the applications of BDA for demand forecasting in the case of closed-loop supply chains (CLSCs) is particularly lacking, highlighting avenues for future research.
- Access to the report: Predictive big data analytics for supply chain demand forecasting: methods, applications, and research opportunities
4. Big data analytics in retail
- Author: Shubham Lekhwar, Shweta Yadav & Archana Singh
- Year of publication: 2017
- Main content: The primary goal of this paper is to investigate the application and benefits of big data analytics in the retail industry, as well as to investigate the opportunities and possibilities ushered in by big data in the retail industry. The study is descriptive and qualitative in nature because it is based on secondary data from various sources. The paper also discusses various challenges and issues that the retail industry as a whole is dealing with. Finally, the paper discusses potential solutions to these challenges and issues, as well as how retail can begin a big data project and effectively use big data to increase customer involvement and improve bottom line.
- Access to the report: Big Data Analytics in Retail
5. Influence of technological advances and change in marketing strategies using analytics in retail industry
- Author: Jasmine Kaur, Vernika Arora & Shivani Bali
- Year of publication: 2022
- Main content: It has been observed how combination of technologies along with analytical concepts of video analytics, social media analytics, wireless analytics and smart vision systems on marketing concepts like market basket model, value-based customer segmentation, campaign planning, etc. can impact the customer satisfaction and reduce the customer churn rate. The aim of this paper is to understand the advancements in technology along with the impact of data analytics in the retail sector and to capture and retain maximum customers by conceptualizing effective merchandising and marketing strategies.
- Access to the report: Influence of technological advances and change in marketing strategies using analytics in retail industry
6. The future of retailing
- Author: Dhruv Grewal, Anne L.Roggeveen, JensNordfältb
- Year of publication: 2017
- Main content: The collaborative research paper focuses on 5 keys areas of: tools and technology for decision making; visual display and merchandise offer decisions; consumption and engagement; big data collection and usage; analytics and profitability. What also suggested are introduction of emerging applicability of certain areas, Internet of things, augmented reality, and so on.
- Access to the report: The Future of Retailing
7. Retail analytics market: global industry trends, share, size, growth, opportunity and forecast 2015 – 2026
- Year of publication: 2021
- Main content: It is not hard to see that the retail industry has undergone massive transformation with the use of high-grade analytics and big data technologies. Especially in the boom of e-commerce, retailers make use of big data analysis to compete each other on the market. In this report conducted from data of operations, readers shall grasp a look at key market trends that may roam the market in next 5 years, as well as a look back how competitive the retail market was, is, and will be in the near future.
- Access to the report: Retail Analytics Market : Global Industry Trends, Share, Size, Growth, Opportunitiy and Forecast 2015-2026
8. How analytics and digital will drive next generation retail merchandising
- Author: Steven Begley, Rich Fox, Gautam Lunawat, and Ian MacKenzie
- Year of publication: 2018
- Main content: As retail merchandising evolves with the integration of analytics and other digital solutions, merchants must become much more agile and ready to meet customer needs. In this report, certain aspects will be discussed, such as supporting future merchants, essence of customer-focused approaches, improvement on technology, and search for organizational success on bigger scale.
- Access to the report: How Analytics and Digital will drive next generation retail merchandising
9. Retail trends 2022
- Author: Ian Geddes, Oliver Vernon-Harcourt, Dr. Bryn Walton
- Year of publication: 2022
- Main content: The vision of the world at the beginning of 2022 could have not been more dystopian. Fuel price skyrocketed and deprived, rapid inflation kept occurring, supply chain got impacted by Russian-Ukranian military conflict. Yet, the sector still expects for new changes and improvement in the future. The report ends with 6 main trends to look throughout the year 2022, from potential of Generation Z to diversification of business, as well as possible priorities for retailers.
- Access to the report: Retail Trends 2022
10. Forecasting sales in the supply chain: Consumer analytics in the big data era
- Author: Tonya Boone, Ram Ganeshan, Aditya Jain, Nada R.Sanders Year of publication: 2021
- Main content: Forecasts have traditionally been used to plan and execute supply chain activities. Now they are increasingly important as customer expectations rise, lead times shorten, and scarce resources must be managed. Over the last ten years, advances in technology and data collection systems have resulted in the rapid generation of massive amounts of data on a wide range of topics. This report shall examine the impact of the data explosion on product forecasting and how it is improving it. Also, we look at how such data can be used to gain insights into consumer behaviours, as well as the impact such data has on organizational forecasting.
- Access to the report: Forecasting sales in the supply chain: Consumer analytics in the big data era
Key takeaways
There are many resources available on and off the Internet to help you learn retail analytics, such as courses, books and reports aforementioned. Whether you are still in college and learning the jobs, or you are currently a retailer who wants to adopt retail analytics into your business for better decision making, we hope we got you covered through this article.
If you have any other questions or concerns on the subject, please contact us anytime and our subject matter experts could give you consultation about retail analytics and how you could make the most out of it for your business.
