More information and insights in Retail Math & Analytics Workshop Online – Check it Out! What is Big Data? Big Data refers to data sets so large and complex that they must be processed in innovative and strategic ways. It breaks down into…
The Highly Successful Retail Manager (HSRM) makes a point of taking complete control over the time allotted to complete his work. He sees time as the precious resource or commodity that it is. He has firm goals that are well defined and he has…
Know how to interpret your Retail KPI’s? When thinking about retail management training, one subject comes to mind as being the one so many retail management people steer clear of. That’s retail math. Retail math is really not anywhere near as complicated as many…
Retail Math – Managing by Numbers The first time a Retail Manager realizes that their company, district or store, and their performance in managing that, is being judged by the numbers they quickly understand that there is more to managing retail than getting all…
Numbers are NOT the Business! Numbers are the PICTURE of the Business! – Harold Geneen (CEO, ITT) 5 Reasons why you need Retail Math training: You’ve probably heard of the saying: “If you can’t measure, you can’t manage”. That is an important and true…
For a District Manager who regularly travels between different stores, and for Store Managers, Weeks of Stock can be a very useful number. Weeks of stock is: $ inventory divided by average weekly sales for that category/department, etc. Example: Inventory level: $8,000.00 Total…
Retail Key Performance Indicators (KPI’s) (This is a sample only – detailed analysis of Retail KPI’s can be found in Retail Math-Made Simple) Sales compared to budget/target: Actual sales $ divided by budget/target sales $. Sales compared to last year (or any other period):…
Retail Location Selection & Market Potential through Predictive Analytics Increased competition and shrinking profit margins in the retail industry have necessitated a demand for sophisticated predictive analytics. Organizations want to know what they can expect from a new or existing location over the long…
Retail Market Basket Analytics Retail Market Basket Analytics are used to analyze the relationships among items that a given consumer purchases (what they put in their “shopping basket”). This information is then combined with comprehensive consumer information databases and qualified predictions are made about…
Customer Lifetime Value Prediction DMSRetail uses sophisticated predictive analytics to help retailers build Lifetime Value (LTV). Attrition and Retention scores for their customers, products or segments. Strategic deployment of these results are proven to reduce churn and increase marketing ROI across the most profitable…