Retailers Counterbalance Instinct With Data-Driven Insight
Injecting innovation and science improves customer satisfaction and margins
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John Bible
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The need for art and a "gut feel" will never go away in retail, but science-based solutions provide a ruthless (but necessary) counterbalance. Furthermore, because these solutions' algorithms are based on data mining multiple years of the retailer's own sales and customer history, they can confidently recommend that a 50 percent price cut will be needed given the current inventory position and projected demand derived from sophisticated causal models.
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