Analytics has become of the most powerful tools available to retailers. Aggressive adoption of new age analytic techniques has helped not only e-tailers like Amazon and e-bay but also brick-and-mortar store chains like Wal-Mart, Target and Tesco gain a competitive advantage.
Retail Analytics in India
In India, retail analytics is still in its infancy. Indian retailers like Shoppers Stop, Pantaloons, Arvind Mills and others have started leveraging the power of analytics but they have a long way to go to catch up with global players.
On the other hand, India has become the global hub for retail analytics. This is driven not by domestic retailers but by global retailers. Target, Tesco, Supervalu and Amazon are among the many global players that have set up analytics shops in India. Global retail analytics providers like AC Neilsen, IRI and Dunnhumby also have presence in India. Other analytics service providers like Fractal analytics, Genpact, MuSigma, Manthan Systems, Marketelligent and Gramener are also serving domestic and international retailers from their set ups in India.
Retail Analytic Techniques
Customer -centric marketing is one of the most popular applications of analytics in retail. It allows retailers to use the available data to get better insights about their customers in order to serve them better.
Supply Chain analytics is also becoming popular. Wal-Mart is one of the best practitioners of this science.
Price optimization involves using analytics to determine the optimal pricing of products and services through their lifecycles. Price optimization leads to increased revenue and profits and has a direct impact on the bottomline.
Market mix modeling helps a retailer evaluate the effectiveness of her marketing activities in order to focus on the most useful ones.
Fraud detection is a critical issue for retailers determined to prevent or minimize losses. Analytics is very useful in building effective fraud control strategies.
Shelf space optimization, store clustering and product recommendation are other popular applications in retail.
Jigsaw Academy offers a 5 week training course in retail analytics. This 30 hour course is designed and taught by industry experts with extensive experience directly in retail and in application of analytics within the domain. The emphasis in this course is on developing a comprehensive and intuitive understanding of retail as a business and the application of analytics within it.
Here is brief clip from one of the retail analytics training videos.