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Informative Article | Data & Knowledge Engineering | India | Volume 10 Issue 12, December 2021 | Rating: 5.6 / 10
Innovating Retail with Analytics: From Data to Decision
Abstract: This paper delves into the critical role of Retail Analytics in navigating the evolving consumer preferences and market dynamics, highlighting its indispensability for businesses aiming to maintain a competitive edge. Through the integration of sales data, product attribute data, and e - commerce review insights, the study provides a comprehensive view of consumer behavior, facilitating data - driven decision - making and product innovation. The methodology encompasses a thorough data collection process, employing partnerships with retailers and advanced sentiment analysis tools, to gather a global perspective on consumer behavior and market trends. It introduces a Retail Analytics Framework that leverages data warehousing, data fusion techniques, and sophisticated tools like ETL and AI to integrate diverse data sets efficiently. The challenges of real - time analytics, cultural specificity, regulatory compliance, and scalability are discussed, alongside the implications of Retail Analytics for targeted marketing, inventory optimization, product development, and market expansion. A case study on Coca - Cola's strategic use of analytics to develop Cherry Sprite exemplifies the practical application and benefits of Retail Analytics in understanding and meeting consumer needs across markets. The paper concludes by affirming the transformative potential of Retail Analytics in fostering innovation and strategic decision - making, thus shaping the future of the retail industry.
Keywords: Data Analytics, Retail Analytics, Global Market Trends, Product Performance Metrics, Consumer Behavior, Market Dynamics
Edition: Volume 10 Issue 12, December 2021,
Pages: 1486 - 1492