Data volume is getting bigger exponentially, spurred by the following factors: the growing number of data-generating devices including smart phones, wearable electronics and a whole host of gadgets with sensors; the prevalence of Internet of things and cloud computing; the imminent adoption of 5G; and other
What are the four areas of supply chain analytics
A common lens used to delineate the main types of supply chain analytics is based on Gartner’s model of the four capabilities of analytics: descriptive, diagnostic, predictive and prescriptive.
What tools do sales analysts use?
- HubSpot Sales Hub
- Power BI
- MaxG
- Zoho Analytics
What is supply chain analytics
Supply chain analytics is the analysis of information companies draw from a number of applications tied to their supply chain, including supply chain execution systems for procurement, inventory management, order management, warehouse management and fulfillment, and transportation management (including shipping).
What are data used in supermarket
Essentially, they use so-called Recency, Frequency, Value (or RFV) analysis to look at the transactional behaviour of their customers and to score customers using a combination of how often they shop, how many items they purchase and how much they spend.
How do you analyze store performance?
- Average order value
- Units per transaction
- Gross Margin Return on Investment (GMROI)
- Foot traffic
- Inventory turnover ratio
- Sell-through rate
- Customer lifetime value
- Sales per employee
What is market basket analysis used for
Market basket analysis is a data mining technique used by retailers to increase sales by better understanding customer purchasing patterns.
It involves analyzing large data sets, such as purchase history, to reveal product groupings, as well as products that are likely to be purchased together.
How do you Analyse a retail store?
- Visit the Stores
- Analyze Promotional Activities
- Examine Gross Margin Trends
- Focus on Sales-Per-Square-Foot Data
- Examine Inventory/Receivable Trends
- Examine Same-Store Sales Data Closely
- Calculate and Compare P/E Ratios vs
- Tabulate Tangible Book Value
What is retail dashboard
What’s a retail dashboard? A retail dashboard is a data tracking and analysis tool that reports metrics that are relevant to retail business performance.
Many retail dashboards present summarized metrics as well as complementary visuals to make it easier to understand what the data means.
How do retailers use customer transaction data
You can use transaction data to identify who might be a probably buyer of a new product, incent the customer by providing a targeted offer, and determine how your program worked.
Still a retailer can measure only his corner of the market.
What are the 5 methods of collecting data?
- Questionnaire and Surveys
- Interviews
- Focus Groups
- Direct Observation
- Documents (Document Review)
What are the pricing models?
- Cost-plus pricing model
- Value-based pricing model
- Hourly pricing model
- Fixed pricing model
- Equity pricing model
- Performance-based pricing model
- Retainer pricing model
How do you measure retail productivity
To calculate this number, simply divide the total sales by accessory sales. This will tell you how well your employees are doing at adding additional items onto the sale, similar to the Items per transaction above.
Depending on your products, an ideal range for this metric is 10%.
What are the 5 KPIs in retail?
- Sales per square foot
- Gross margins return on investment (GMROI)
- Average transaction value
- Customer retention rate
- Conversion rates
- Foot traffic and digital traffic
- Inventory turnover ratio
What are the 3 methods of collecting data
The 3 primary sources and methods of data are observations, interviews, and questionnaires, But there are more methods also available for Data Collection.
What are the 3 types of e-commerce
There are three main types of e-commerce: business-to-business (websites such as Shopify), business-to-consumer (websites such as Amazon), and consumer-to-consumer (websites such as eBay).
How is retail KPI calculated?
- #1
- #2
- #3
- #4
What are the 4 methods of data collection
Data may be grouped into four main types based on methods for collection: observational, experimental, simulation, and derived.
How is mall performance measured?
- ➣ Foot Traffic
- ➣ Units per Transaction
- ➣ Sales per Employee
- ➣ Sales per Square Foot
- ➣ Conversion Rate
- ➣ Gross Profit & Net Profit
- ➣ Year-over-Year Growth
- ➣ Stock Turn / Inventory Turnover
What are KPIs in sales
Sales key performance indicators (KPIs) are metrics that help sales teams measure their effectiveness and efficiency, with the overall goal of improving methodologies and processes to drive sales.
What is an example of retail software
The most famous examples of retail software are the products offered on the IBM PC and clones in the 1980s and 1990s, including famous programs like Lotus 123, Word Perfect and the various parts that make up Microsoft Office.
Microsoft Windows is also shrinkware, but is most often pre-installed on the computer.
What is KPI in store management
Key performance indicators (KPIs) in inventory management are metrics that help you monitor and make decisions about your stock.
In inventory management, KPIs matter because they offer information about turnover, sales, demand, costs, process success, relationships and more.
What are three forms of nonstore retailing
The three main types of non-store retailing are: direct selling, distance selling and online selling.
What is smart shopping cart
Abstract: This system gives solution to reduce the shopping time at supermarkets. Every supermarket employs shopping trolley in order to aid customers to select the products which they intend to purchase.
What four elements make up the retailing mix
the four elements in a retail mix are: type of merchandise sold, variety and assortment of merchandise and/or services sold, level of customer service, price of the merchandise.
What triggers the wheel of retailing
It starts as a discount retail business to attract price-sensitive consumers and then gradually converts into a luxury brand store or departmental store to cater to high-end consumers.
Citations
https://www.tableau.com/learn/articles/retail-industry-metrics-kpis
https://www.yahoo.com/now/retail-analytics-market-reach-value-113000878.html
https://www.icontroldata.net/blog/5-benefits-of-retail-analytics
