Analytics

Mitigating Frictionless Checkout Risk With Prescriptive Analytics
March 11, 2020 at 6:00 am

Frictionless checkout is rapidly becoming the future of retail, especially with Amazon.com's push to expand its checkout-free “Amazon Go” stores, which leverage digital imaging to redefine the checkout experience. We can expect to see increasingly fewer cashiers, registers and lines as more retailers turn to frictionless checkout to improve efficiency, convenience and satisfaction. While retailers…

Boomers in Retail: It's Time to Re-Engage With the Forgotten Generation
February 12, 2020 at 11:06 am

Baby boomers are the fastest-growing demographic in the United States, and households aged 55-plus control more than 70 percent of total net wealth. In 20 years, the population aged 55 and over will account for almost one-third of the U.S. population. Unlike millennials, who are often burdened by student debt and the costs of supporting…

Enhancing Retail Business Operations and Performance Through Data Analytics
December 11, 2019 at 3:06 pm

There are few industries as well-positioned as retail to use data-driven systems to improve their bottom lines. Retail analysis is flush with sources of data, including information that can be derived from sales, inventory, traffic and marketing. Turning all this information into something useful, however, requires an understanding of where retail data systems fit into…

How Retailers Can Optimize UX/UI Enhancements to Deliver the Best ROI This Holiday Season
December 10, 2019 at 11:02 am

When it comes to driving digital return on investment from the holiday shopping season, there are things you can’t control, and things you can. One of the things you can’t control is the shorter season this year, which will deprive retailers of six days to capitalize on the gift-giving mood. Another thing that’s out of…

Frito-Lay Uses Predictive Analytics, Supply Chain Innovations to Grow Sales
November 18, 2019 at 1:00 pm

In episode 222 of Total Retail Talks, Executive Editor Joe Keenan interviews Mike Del Pozzo, chief customer officer and senior vice president of sales at Frito-Lay North America, a leading PepsiCo snack foods brand. Listen in as Del Pozzo discusses the history of the 80-year-old brand, its distribution channels, and how shifting consumer behaviors has impacted…

Segment Those Who Care Most: RFM Analysis for Retail
October 30, 2019 at 12:37 pm

Divide and conquer is not only Caesar’s motto but also a great piece of advice for modern retailers. Once you’ve collected information on your customer base in your CRM system or loyalty program, you need to analyze it. You should reveal everything your data may know about your customers and use those insights to grow…

How Retailers Can Use AI Analytics to Increase Revenue
October 25, 2019 at 10:41 am

Powerful computing advances in recent years have enabled retailers to use artificial intelligence (AI) to help them realize their full potential. AI analytics uses machine learning to find differences and make assumptions automatically. A study by Business Insider suggests that as much as 85 percent of customer interactions will be controlled without a human by…

Offline Retail With an Online Tail: Who Wags Whom?
October 3, 2019 at 12:44 pm

Each shop, even the tiniest, dreams of becoming a giant with great online and offline sales. But when companies have both online and offline sales, reasonable questions come up: How do the online and offline domains influence each other? How can you profit from this influence? The Meaning of ROPO The research online, purchase offline…

Identifying Omnichannel Risk and Opportunities With Prescriptive Analytics
September 26, 2019 at 12:15 pm

Omnichannel (or what I would call consumer-centric retail) is a critical component of a successful retail operation. Recent research by Google indicates that omnichannel shoppers have a 30 percent higher lifetime value than single-channel shoppers. It’s easy to understand why retailers are growing their omnichannel activities. However, with this growth comes risk and opportunity. One…

Understanding Your Customers is at the Heart of Retail Success
August 19, 2019 at 11:56 am

In 1998, economist B. Joseph Pine II wrote that the world of retail was changing. He noted that the service economy was coming to an end, soon to be replaced with an economy based on memorable experiences and shared events. Now, over 20 years later, the "experience economy" has moved from an academic theory into…