Retail Analytics The Secret Weapon
by Cox, EmmettEdition: 1st
Format: Hardcover
Pub. Date: 2011-10-18
Publisher(s): Wiley
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Summary
Retailers have collected a huge amount of data but they do not know what to do with it. This book is designed not only to provide a broad understanding of retail but show how to use the data that these companies have. Each chapter covers a different focus of the retail environment from retail basics and organization structures to common retail database designs. Numerous cases studies and examples are given throughout. In addition, within each chapter the importance of analytics and data is examined.
Author Biography
Emmett Cox is Senior Vice President of Consumer and Business Intelligence at BBVA Compass Bank, where he uses his retail experience in the development of strategic-based consumer programs. He has also worked for Walmart Financial Services, GE Money Global, and Kmart. He has lectured in many CRM and marketing conferences and seminars, including the Paris Loyalty Forum, Czech Republic Loyalty Management, ACNielsen Category Management, Spectra Marketing and Intelligent Targeting, Teradata NCR Partners, and others in the United States; Coolum, Australia; and Vienna, Austria.
Table of Contents
| Preface | p. ix |
| Acknowledgments | p. xi |
| Retailing Analytics: An introduction | p. 1 |
| Retailer Goodwill | p. 2 |
| The Inside Scoop: Retail Power Brokers | p. 2 |
| Retail Organization | p. 3 |
| Real Estate Marketing | p. 5 |
| Creative Advertising Marketing | p. 6 |
| Operations Marketing (Research) | p. 6 |
| Direct Marketing | p. 7 |
| Strategic Marketing | p. 7 |
| Communicating to the Retail Organization | p. 8 |
| Point of Sale versus Market Basket Data | p. 9 |
| Data Is Gold | p. 10 |
| Data as Revenue: The Price of Retail Data | p. 12 |
| Retail and Data Analytics | p. 15 |
| Hard-Core Data Terms: Now We're Talking about the Fun Stuff | p. 15 |
| Market Basket | p. 16 |
| Data Storage 101 | p. 17 |
| Data without Use Is Overhead | p. 19 |
| Case Studies and Practical Examples of Data-Related Retail Projects | p. 20 |
| Trade Area Modeling | p. 20 |
| Real Estate Site Selection Modeling | p. 21 |
| Competitor Threat Analytics | p. 22 |
| Merchandise Mix Modeling: Combining Multiple Data Sources | p. 23 |
| Celebrity Marketing: Tracking Effectiveness | p. 26 |
| House Brand versus Name Brand | p. 28 |
| E-Business: Clicks and Mortar | p. 29 |
| Affinity Merchandising: Merchandise Cross-Sell Case Study | p. 33 |
| Market Basket Analysis: Examples | p. 35 |
| Store Departmental Cross-Selling | p. 40 |
| Single Category Affinity Analysis: Paper Towels | p. 43 |
| Best Checkout Register Impulse items for Christmas Season: Case Study | p. 45 |
| The Apparel Industry | p. 47 |
| Many Types of Apparel Businesses | p. 47 |
| Retailer Building and Location, Location, Location | p. 48 |
| Who Is My Customer? Size Up the Opportunity and Show Me the Money! | p. 49 |
| Evolution of a Brand: Not Your Father's Blue Jeans | p. 50 |
| Diversification: Spread Risks over Multiple Businesses | p. 51 |
| Critical, Need-to-Know information in Apparel Analytics | p. 52 |
| Seasonality: Styles Change like the Wind | p. 52 |
| Seasonal Counterpoint | p. 54 |
| Merchandise Placement and Presentation: From Racks to Riches | p. 54 |
| Accessories | p. 55 |
| Next Best Offers | p. 55 |
| Promotions: Lifeblood of the Apparel Business | p. 57 |
| Retail in General: Impulse Buying | p. 57 |
| importance of Geography and Demographics | p. 59 |
| Understanding the Tools and the Data Requirements | p. 60 |
| How Geographic Information Systems work: Science behind the Tools | p. 60 |
| GIS Layers of Information: Building a Map, Layer by Layer | p. 61 |
| How Geography Fits into Retail: Location, Location, and Location! | p. 61 |
| Retail Geography: Data and Lots of It | p. 61 |
| Retail Data: Internal Data Collection | p. 63 |
| Retail Trade Areas: Differing Methods for Debate | p. 63 |
| Zip Code Data: Forecasting Application Volume by Store | p. 66 |
| Now That We Understand the Tool and the Data, What Do We Do? | p. 66 |
| Card Preference Opportunity by Zip Code: Case Study | p. 66 |
| Example of Sales Penetration Map | p. 71 |
| Market Observations: Additional Uses of the GIS Tool | p. 72 |
| In-Store Marketing and Presentation | p. 75 |
| Understanding the Different Store Designs | p. 76 |
| Old Theories of Merchandise Placement | p. 77 |
| New Theories of Merchandise Placement | p. 77 |
| Mass Merchandisers Were Slow to Catch On: Does Convenience Translate into Sales? | p. 78 |
| All about Pricing | p. 78 |
| Everyday Low Price | p. 79 |
| Loyalty Discount Philosophies | p. 82 |
| Tiered Pricing | p. 82 |
| Types and Sizes: Retail Store Strategies | p. 84 |
| Store in a Store: Make Shopping convenient | p. 84 |
| What's in a Store: Convenience Stores to Hypermart Stores | p. 85 |
| Hypermarts: When Is Big Too Big? | p. 86 |
| Warehouse Clubs: Paying for the Privilege to Shop | p. 87 |
| Shopping by Design: Traffic Patterns | p. 88 |
| Category Management: Science behind the Merchandise Mix | p. 91 |
| Merchandise Placement: Strategy behind the Placement | p. 93 |
| Specialty Departments: Coffee, Breakfast, and Pizza | p. 95 |
| Other Specialty Departments | p. 95 |
| Receiving Dock | p. 97 |
| Stocking the Counters | p. 98 |
| In-Store Media: Advertising or Just Displays? | p. 99 |
| Receipt Messages | p. 103 |
| In-Store Events | p. 104 |
| Holidays | p. 104 |
| Analytics: Tracking a Moving Target | p. 104 |
| Marketing Outside of the Store | p. 105 |
| Store Operations and Retail Data | p. 107 |
| Setting Up the Store for Success: Strategic Uses of Data | p. 107 |
| Labor Forecasting | p. 108 |
| Importance of Accurate Labor Forecasting: The Cost of Doing Business | p. 109 |
| Consumer Differentiation at the Point of Sale Register | p. 111 |
| Heating and Cooling: Centralized Thermostats | p. 112 |
| Intrastore Communication | p. 112 |
| Replenishment and POS Sales: Cause and Effect | p. 114 |
| In-Store Career Path: Stockperson to Store Manager | p. 115 |
| Loyalty Marketing | p. 117 |
| Loyalty Programs | p. 117 |
| Who Is the Sponsor for the Program? | p. 122 |
| Questions to Answer before You Begin | p. 123 |
| Total Program Incentive: Are You Loyal? | p. 125 |
| From the Consumer Finance Credit Card Retail Perspective | p. 127 |
| Loyalty Segments: Develop Them Early | p. 128 |
| Loyalty at POS: Different Stages and Levels of Loyalty | p. 130 |
| Kmart's School Spirit Loyalty Program | p. 133 |
| Australian Loyalty | p. 135 |
| FlyBuys Rewards and Loyalty: Australia | p. 136 |
| Additional Loyalty Programs | p. 137 |
| The Retail World is Changing | p. 138 |
| Social Media | p. 139 |
| Glossary | p. 143 |
| About the Author | p. 157 |
| Index | p. 159 |
| Table of Contents provided by Ingram. All Rights Reserved. |
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