Effective Retail Management through Data Driven Decisions

Retail Analytics is the process of how data can be extracted, refined and analysed to deliver actionable business insights in the management of Retail Stores. These insights can deliver enhanced decision making in managing inventory, customer relations and operations in a retail store. Stores with data driven decisions are proving to be substantially more effective in their inventory, sales and customer management. In today’s hyper competitive retail landscape, customer experience is a key differentiator. Data analytics helps enhance customer experience by enabling more personalized service. By analysing customer data, retailers can understand individual preferences, shopping habits and past interactions, allowing them to tailor their offerings and communication to each customer. Analytics can help Retailers balance supply and demand of products by looking at sales patterns, trends and future demand with greater accuracy. This information can guide purchasing decisions, optimize stock levels and reduce the risk of overstocking or lost sales due to understocking. This workshop is the first in a series of workshops for Retail professionals to work with data-driven analytics tools. This workshop is designed to help create an action plan for transformation using analytics with a focus on the Retail Management function. A practice focused workshop, it will show participants how they can turn data insights into business outcomes and forge a data culture with a single version of truth across functions. Future workshops in the sequence will highlight the role of analytics in the areas of customer sentiment analytics, pricing strategies and more.