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Future of Retail Analytics and Concluding Remarks

In our preceding articles we discussed how implementation of Business Analytics practices aided some of the retail firms to gain competitive advantage over others. We conclude our retail-theme with this article where we discuss how our Certified Professional in Business Analytics (CPBA) course caters to the need of the industry by giving our students practical exposure on these concepts and what shall be the future of analytics in the retail space.

As a part of our curriculum students get to work on real world data and understand the concepts of customer segmentation. Students get to work on the retail industry data and identify the most and least profitable customers for a business using the Recency, Frequency and Monetary (RFM) framework. The customer segmentation approach has huge applications right from reorganizing your store to meet the needs of high value customers, to identifying potential prospects and targeting customers for a loyalty card/marketing program. Click here to read our post on RFM framework

Students also get to work on a separate set of retail groceries data where they analyze the consumer behavior and apply the concept of Market Basket Analysis with the help of apriori algorithm and identify the goods that customers tend to purchase together. As discussed in our previous post industry practitioners can make use of this information to decide on which products should be sold together i.e bundled products or which products should be kept together to attract maximum customer flow. Click here to read our post on Market Basket Analysis

Given the fact that retail industry has direct access to huge valuable assets of data about their customers, and the increasing application of Business Analytics Practices we lay down the analytics practices that could be considered by retailers to know more about their customers and increase their business.

As most organized retailers today have shifted to computerized billing system where each product is scanned and a computerized bill is generated for the items purchased, this information can act as a trigger for the Supply Chain Management team. The real time updated information from the shopping cart can be passed on to refill the shelf space automatically and may also be used for promotional activities.

Today, a lot of information and customer opinions about certain products are available on social media. Millions of tweets and messages are exchanged on social network sites like Twitter and Facebook. Retail industry can implement text analytics practices to understand the overall sentiment of customers in relation to a particular product or a brand. Text analytics can also be used by retailers to proactively understand the consumer trends and respond to have a favorable outcome on the retailer’s performance and reputation. Text analytics is a practice wherein we analyze the data on different social media, blog posts etc. and try to understand the overall consumer sentiment.

The Certified Professional in Business Analytics (CPBA) offered by Edzyme Academy is one of the most practical business analytics course and is designed by industry veterans with over years of experience. The course satisfies the industry need by delivering job-ready professional from day one. As a part of this course, students get exposed to various analytical concepts and undergo extensive training in the field of predictive data analytics. Please click here to read more on the CPBA program.

The post Future of Retail Analytics and Concluding Remarks appeared first on Edzyme | Blog.



This post first appeared on Welcome To Edzyme Academy, please read the originial post: here

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Future of Retail Analytics and Concluding Remarks

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