Our Data Analytics Consulting Services for Retail
We provide a service-led data analytics consulting solution for retail companies who want to take control of their data.
This results in:
Improved business performance and understanding
Confident decision-making from reliable data
Turning your retail company's data into insights and actions
Data Analytics for Retailers
Data analytics offers several advantages for retail businesses. If you are not using the increasing volumes of data that your retail business is generating then you are probably being left behind
From efficient reporting of product performance to machine learning and AI. Retailers are increasingly seeing the benefits of using this data to competitive advantage
Key success factors in retail
Sales
The ability to give the customer what they need when they need it, for the right price
Inventory Control
Ensuring the right level of stock holding, too much can be an even bigger problem than too little
Purchasing
Not only for the right price, the quality, timeliness and reliability
Retail Operations
Retail operations need to be efficient, effective and achieve excellence.
Great Customer Experience
Understanding your customer and their needs, happy customers are usually repeat customers
Use cases of Analytics in retail
Improved Decision-Making
Data-driven insights help retailers make informed choices regarding inventory management, pricing strategies, and marketing campaigns.
Real-time analytics enable quick adjustments based on market trends and customer behaviour.
Enhanced Customer Experience
Personalization: Retailers can tailor recommendations, offers, and product suggestions to individual customers.
Inventory Availability: Analytics ensure products are in stock when customers need them.
Customer Segmentation: Retailers can identify high-value customers and target them effectively.
Optimized Supply Chain
Demand Forecasting: Predictive analytics helps retailers anticipate demand fluctuations and optimize inventory levels.
Efficient Logistics: Analytics streamline supply chain processes, reducing costs and delivery times.
Pricing and Promotion Optimization
Dynamic Pricing: Retailers adjust prices based on demand, competitor pricing, and other factors.
Promotion Effectiveness: Analytics assess the impact of discounts and promotions on sales.
Fraud Detection and Loss Prevention
Anomaly detection algorithms identify suspicious transactions or inventory discrepancies.
Retailers can prevent revenue loss due to theft or fraud.
Competitive Advantage
Retailers leveraging data analytics stay ahead of competitors by adapting swiftly to market changes.
Insights from analytics drive innovation and strategic planning.
Improved Marketing ROI
Targeted Campaigns: Retailers can allocate marketing budgets efficiently by focusing on high-potential segments.
A/B Testing: Analytics help evaluate the effectiveness of different marketing approaches.
In summary, data analytics empowers retailers to make data-backed decisions, enhance customer satisfaction, and optimize operations, ultimately leading to business growth and success
Examples of some of our data analytics consulting in retail
Revolutionising reporting, building comprehensive management information packs that give efficient and effective and actionable insights for business leaders to see performance and act to keep progress on track.
Integrated business planning. From top level corporate budgets and enterprise alignment between store and product level budgets. Ensuring departments work to a common goal and joined up set of numbers
Inventory control, using product level performance and predictive analytics to forecast future stock holding and allow corrective action to ensure stock is at the right level. Built on robust product seasonality curves, with growth factors and the extrapolation of these factors to provide realistic product demand forecasting
Pricing strategy linked to product performance versus expected performance. Linking to strategies for replacement products and product lifecycle management
These are just a few of our recent projects in retailers. To find out how we could help your business why not have an introductory call?
Our Retail Experience:
Simon Harrison our founder has decades of experience in retail
10 years at Sports Direct, starting as a finance manager. Promoted through to the senior management team as the Head of Operational Finance and Analytics. Working with board members to deliver strategic financial planning for Sales, Margins, Inventory cover. Responsible for the alignment of departmental budgets to the headline company budgets
Simon built a team of analysts, based upon a core skillset of either commercial finance or technical analytics. His role included the leadership of the team of analysts across the business, with representation within functional departments including Buying, Merchandising, E-Commerce, Marketing, and Finance. Fostering knowledge transfer and sharing of best practices.
The aim was to drive confident decision-making as widely as possible, by becoming a data-driven organisation.
Simon began his career at Wm Morrisons Supermarkets, starting as a student working part time and then pursuing a career in Finance. Simon spent 10 years in Senior Management heading up finance in a £300m food manufacturing subsidiary. With responsibilities for systems implementation of finance and ERP systems
Coming from a shop floor background Simon used his experience to enhance his effectiveness in leadership positions. Able to understand how changes to product and processes would flow through to the customer experience
Since moving into the consulting industry Simon has worked with a number of retail clients
We’re service led, rather than product-led
Registered Management Accounting practice
We specialise in Database Management for businesses wanting to get the most from their management accounting and analytics
We work directly with your employees to upskill your team
