Overview
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
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.
| Start Date | End Date | Venue |
|---|---|---|
| 09 May, 2024 | 11 May, 2024 | Online |
- A deeper understanding of using data for effective retail management
- How to look for process efficiencies / Digitization / ML opportunities to achieve customer service and inventory targets
- A deeper understanding of available tools and technologies that are applicable for retail management from an analytics perspective
Store Managers who would like to exploit the opportunities in utilizing data and tackling challenges in their stores as below :
- Large amounts of internal data lying underutilized.
- Decision making in silos – not holistic and sub-optimal.
- Improving stocking and product-range selection decisions Improving customer relationships and sales in the face of increased competition in the industry.
- Managers overwhelmed with new tools and technologies of analytics.
Foundations of Analytics
- Introduction to Data and Analytics
- Add on Statistical Tools in Excel
- Analyzing Data using Statistics in Excel
Managing Customer Relationships using Analytics
- Customer Non-Conversion Analytics
- Customer Churn prediction
- Marketing Promotions effectiveness
- Cross Selling and Bundling for improved sale
Inventory Management using Analytics
- Identifying Fast and Slow-moving items
- ABC Analysis
- Demand Prediction
- Handling Uncertainty
Krishnakumar R has decades of experience working in retail and supply chain management. He was Vice President and Head SCM at Mahindra Retail and Head SCM with the Arvind Group. He has also worked with the Titan group with their Tanishq Retail Stores. He co-founded Melorra, an omni-channel fine jewellery venture. Currently he is a Co-founder at Autoverse Mobility, an omni-channel distributor of auto-parts. He holds an advanced management degree from IIM, Bangalore.
Rajendra Desai is a certified consultant with M/s Frontline Systems Inc, USA a leader in providing Predictive and Prescriptive Analytics solutions for Industry. He has successfully executed consulting projects for diverse Industries to help them improve their operations through analytics solutions. He is currently a Senior Consultant with ISME, Bangalore. He has a BTech (IIT Delhi) and an MS (Virginia Tech, USA)
