Retail Analytics or Analytics for Retailers
Retailis the business of sourcing goods and services from businesses and individuals and satisfying needs and requirements of end customers or consumers.
There are various business models of retailing – Supermarket, Hypermarket, Specialized Store, Online Store/eCommerce Retailer, and Mom & Pop Stores, Franchise Stores, Catalogue Store, Cooperative, and various others.
Due to globalization and ease of expanding the business across globe, increased competition, proliferation of multiple channels and business models, and complexity of retails business, the retailers are continuously seeking ways to achieve long term business growth and profitability.
The retail business has three important dimensions – sourcing & vendor management, store management and customer acquisition & Loyalty management. Following are the some of the important decisions involved acrossGoods Sourcing to Satisfying Customers’ requirements value chain.
A retailer leverages technology, systems, business intelligence and data analytics & insights to bring operational efficiency in retailing business, grow the business and profitability, and bring innovation to retail business. Data Analytics and Insights support retailers in taking rights decisions across Goods Sourcing to Satisfying Customers’ requirements value chain.
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