Day #243 - Retail Analytics Opportunities

Notes from Recently Attended Session
Instore Retail

• Store Managers
• Associates usage
• Online / Offline Users

Customer Experience

• Optimize layout
• Improve promotion effectiveness
• Shopper Journey Outcome

Store Performance

• Segmentation 
• Forecasting

Store Managers

• People Person
• Genuine interest for customers, supervising, nurture ideas
• People Skills, Sales Skills, Management Skills

Store Manager

• Stocking
• Delegate Activity
• Customer Service
• Sales projections
• Readiness

As Required

• Forecasting
• Staffing
• Hiring
• Associate Performance

Challenges

• Difficult Customers
• Personal issues
• Customer Expectations
• Not get yelled at

Sale

• Conversation that ends in a transaction
• Know better, focus on training people
• Product knowledge

Apple Selling Philosophy

• A - Approach (Welcome Approach)
• P - Probe - Needs
• P - Provide Solutions
• L - Listen Concerns / Issues
• E - End with farewell / Invitation

Power Hours - Most Sale time / peak hours

• Sales Split by hour
• Sales Split by Week
• Labour vs Traffic Approach
• %% of sales at that Hour

Types of Retailers

• Malls - Retailers - Pantaloon / Shoppers Shop
• Individual Stores - Kirana Stores
• Online Sales - Amazon / Flipkart
• Chain of Stores - Pothys / Chennai Silks (Have own sourcing units) - Brand Conscious

Power Centers

• Maximum Value Proposition
• Competitive prices
• Volume & competitive price

Factors to Setup Stores

• Demographics
• Income levels
• Spending group
• Frequency of spending
• Family Area
• Single People
• Average basket size
• Average shopper duration time
• Cultural aspects

Models / Recommendations

• Model for income group
• Model for domain
• Model for age group

Happy Retailing!!!