Course Overview
6h 19m | 47 Videos | 80671 Views | 
All Levels| English[Auto-generated] What is Retail Analytics
Analytics have become the most powerful tool for retailers and is being used for various purposes. Retail Analytics is the process of providing analytical data on various things like supply chain, product terms and others which will be useful in making important marketing and procurement decisions. Retail analytics gives a detailed knowledge about the customers into the business which in turn helps to increase the scope and need for improvement in the organization.
Importance of Retail Analytics
Using retail analytics the retailers can
- Develop close relationship with customers by having a better understanding about their needs and behaviour
- Deliver the targeted advertisement and promotions to the right type of customers which will motivate them to buy the product
- Balance the inventory with the demands of the product so that the product never goes out of stock whenever there is a demand
- Price the product exactly for which the customers are willing to pay
- Get the best use of marketing investments
- Expand their stores and distribution centres in optimal locations
Course Objectives
At the end of this course you will be able to
- Understand what retail analytics is
- Have a basic understanding of the retail terminologies and concepts
- Learn about the use of retail analytics in various fields using few case studies
- Know the supply chain process and different documents in supply chain
- Know about the type of retail channels and its pros and cons
Pre Requisites for taking this course
Before taking this course you should have some basic knowledge about analytics methodology and some of the basic analytic techniques like regression, clustering and others
Target Audience for this course
The target audience for this course are
- MBA students
- Retail professionals
- E commerce professionals
- Anyone who is interested in learning about retail analytics skills
Course Description
Section 1: Introduction
Introduction to Retail Analytics
Analytics have become one of the most powerful tool which is available to retailers and are used to enable fact based and knowledge driven decision making to manage their performance and create more value to the company. Retailers today are in search of new ways to derive more knowledge about their customers and operations from the huge database which they contain. Retail analytics helps in deriving such information from the database. This chapter gives you an overall introduction to retail analytics`
Retail Overviews
The term retail is derived from a French word. Retail trade divides smaller portions from large number of goods. Retailing is a process through which goods reach the final consumers. Manufacturers and wholesalers engage in retailing when they make direct to consumer sales of their products through their own stores. Retailing occurs in all marketing channels for consumer products. In this chapter you will learn more about retailing and its importance in business
Retail Overviews Continued
A retailer is a one whose main business is to sell the products directly to the ultimate consumers for non business use. He performs a lot of activities like buying, selling, risk trading and gathering information about consumer’s wants. This chapter will help you to learn about retailers and their part in retail analytics
Overview of retail sector
Retailing is under a process of evolution and is changing dramatically and drastically. In the recent years there has a been a rapid spread of retail chains in the form of super markets, departmental stores, malls and discount stores. Such type of retail stores and development of each country in retail sector is explained in detail under this chapter.
Product Terminology
This chapter deals with all the below mentioned product terminology and concepts
- Bandage Pattern
- Controlled Pattern
- Disruptive Applications
- Heartbeat
- Monitored networks
- Registered domains
- Nonconforming endpoints
- Outbreak containment services
- Registered products
- Registered services
- Security compliance
Supply Chain Terminology
This chapter contains A to Z supply chain management terms and its glossary.
Assortment Terminology
The product assortment is the collection of goods and services that a company provides to its consumers. The assortment terminology differs from company to company based on their products and services. This chapter contains the main characteristics of assortment and assortment planning for different type of industries.
Section 2: Multi Channel Retail
Different type of retail channels
Retail channel is defined as the route through which the goods reach the end users. There are three different channels. They are Multi channel, cross channel and Omni channel. These channels are explained in brief under this chapter.
How multi channel help retailer
Multi channel is an old concept which describes the shopping experience of customers who have purchased from catalogues or website or stores or by TV commercials. This section deals with the advantage of multi channel to the retailers
How a brick and mortar retailer can develop into a multi channel strategy
This section deals with the critical factors which are required by the retailers to transform brick and mortar system into a multi channel retailing. The reasons and its explanations are given with few examples for easy understanding
Retail Dashboard
The retail dashboard gives you an overall view of the performance of your brands and marketing efforts. The retail dashboard gives you details on the following topics
- Most profitable region
- Important buyer demographics
- Best selling brands
- Impact of product
- Sales funnel
- Potential bottlenecks to improve business
- Average purchase value
- Point of purchase
- Incremental sales
Recency, Frequency and Monetary value segmentation
RFM is a method to group or segregate customers based on their purchase behaviour in the past and it explains how recently the customer purchased, how often was the purchase and how much did they spend on their purchase. In this chapter you will learn a brief introduction to RFM, how RFM analysis works to segregate the customers and how RFM helps to analyze data and send more focussed communications.
Building Model , Examples and application of RFM
The RFM model is the best segmentation tool for finding out the most profitable customers. The RFM model is a picture about your customers and it also helps you to set the next objectives as well. This chapter explains RFM model with few examples. The RFM is used mainly in the fields of database marketing and direct marketing. They are also used mainly in the retail industry. This chapter also lets you learn how RFM can help businesses.
Retail analytics MBA Methodology
The biggest challenge of retail analytics is choosing the right methodology to get the right information from the database. Most of the companies use RFM methodology in retail analytics. This methodology is discussed in detail in this section.
Category Score Card Part 1
A scorecard is a tool that defines, measures and monitors the flow of category business plans. The category management is a eight step process and scorecard is often the most misunderstood and misused step. The proper use of scorecard can make the retailers and manufacturers to unite and make more returns. This is explained in this section using few case studies.
Store Clustering
Store clustering is the merging of stores based on few characteristics. There are two types of store clusters – performance and non performance store clusters. Store clustering is very important in retail chains to make tailor made products based on their customer need. Store cluster analysis provides retailers information about the pricing opportunities and address the customer behaviour across various stores. This chapter also includes the following topics of store clustering in retail analytics.
- Store clustering process
- Store clustering methods
- Timing and organization considerations
- Automated support and interface
Few examples are also provided in this chapter.
Section 3: Retail Case Study
Case Studies
This chapter contains case studies of retail store solutions who have been facing some important issues in their business. All the case studies will have an introduction into the company, its issues and the measures taken to solve the issue.
Case Study 1 – Thomas Pink is a well renowned costume maker with branches all over the world. The company serves men as well as women. Thomas Pink always wanted to stay ahead of their customer’s expectations and ensure that the customer gets the ultimate shopping experience. The solution for this issue faced by Thomas Pink is explained in detail under this chapter.
Case Study 2 – Mothercare is a famous UK company who offers various products for mothers, mother to be and children upto the age of eight. They do their business through stores as well as online. The company identified weaker conversion rate across their stores and this in turn leading to highly tight margins. Because of reduced conversion rate the company also reduced the wages of the employees. This is the problem faced by Mother care. This lesson gives the details about the company and the strategies used to solve out this issue.
Case Study 3 – Roadchef Motorways Ltd is one of the leading Motorway service area operating in more than 28 sites. This company wanted to expand its business and replicate the model used by the airport business at its service stations. But they were not sure about the customers response to it and how much would be their conversion rate. This was their problem. This chapter gives you detailed explanation about the solution to this problem and how it was implemented.
Data Understanding
Understanding the customers is the key to any business to meet the customer needs and improve the business. This section explains how data mining helps retailers to identify valuable customers and increase their profits.
Data modelling
There are different types of data models available from different companies. This section explains Retail customer data model and Enterprise data models for retail with a pictorial representation and examples for each. There are also other retail models offered by IBM, Oracle and others.
Recommendation
The retail industry is growing more dynamically than ever. Retail is a data intensive industry and thus it needs more care and attention. This section gives a brief introduction to the future of retail analytics from intelligence to outcome. Several recommendations are provided in this chapter to improve the retail analytics. One important thing which is discussed is to benchmark the retailers current status against the leaders. This concept is explained in detail in this section.
FAQ’s General Questions
- Why retail analytics is important ?
The retail industry has undergone a drastic change in the recent years. The customers have become more demanding and they look out for the best deals to make purchases. It is high time for the retailers to keep pace with these changes. Retail analytics will help the retailers to extract maximum value from data that is available with them which will later help them to shape the organization and increase their profits.
- What are the pre requisites for this course ?
You don’t need any special skill or knowledge to take up this course. You just need to be mentally prepared to do this course and study hard to complete this course. You can get knowledge from basic concepts to advanced technologies in retail analytics. You will be able to solve real time problems in your business or workplace.
Testimonials
Samuel
This course gives a good introduction to retail analytics and the best part about this course is it deals with real world case studies which is more attractive and informative. Such an rewarding course for retailers. It gives solution to most of the retailers problems in the real world. The course covers each and every single detail about retail analytics. The best online course that every person who is interested in retailing should take.
Adelin
This course provides a framework where one can learn his or her basic analytic skills in retailing. This course helped me to identify the right solution for my business problem. The real time case studies are an added advantage to this course.
| Where do our learners come from? |
| Professionals from around the world have benefited from eduCBA’s Retail Analytics Comprehensive Courses. Some of the top places that our learners come from include New York, Dubai, San Francisco, Bay Area, New Jersey, Houston, Seattle, Toronto, London, Berlin, UAE, Chicago, UK, Hong Kong, Singapore, Australia, New Zealand, India, Bangalore, New Delhi, Mumbai, Pune, Kolkata, Hyderabad and Gurgaon among many. |
