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analytics program enablement for growth-mindset organizations

Data Mining Frees Retailers from Trial-and Error They Can No Longer Afford

RetailerMore and more businesses are coming to understand the value of data mining. Retail stores are particularly poised to reap the benefits of data analysis, as outlined in a recent Forbes.com article called “Can ‘Predictive Analytics’ Help Retailers Dodge a J.C. Penny Style Debacle?”

The title references sweeping changes that J.C. Penny’s former CEO Ron Johnson made in a trial-and-error attempt to increase sales. The attempt flopped.

Yet in the past, trial-and-error were all that retailers really had to guide them through the marketplace.

Admittedly, once-upon-a-time that marketplace moved a lot slower. Retailers weren’t competing with e-commerce. Nor were they dealing with customers who could compare prices by the simple expedient of whipping out their cell phones.

In the Information Age, retailers can really only seize a single edge: customer experience.

“For retailers, competing based on price, location, and even product is no longer sufficient. The way they’ll win is by providing a superior customer experience–which is proven to be an accurate predictor of financial performance.”

So what can data do?

Data can help retailers figure out exactly how to provide that experience.

Good retail data analysis can draw from several sources, including customer surveys, point-of-sale data, social media, and all sales channels both offline and online.

Together, these sources work together to identify what customers want. Thus, retailers can create customer experiences that keep customers coming back for more by predicting the outcome of certain changes.

Furthermore, this data can help identify places where retailers are already turning customers off so that they can correct problems. They can also fill gaps in their inventory so they aren’t leaving money on the table.

Of course, all of these benefits depend on having the proper training to harness and reap these benefits. That’s why The Modeling Agency offers a free data mining webinar and other analytics training courses. If you’re in retail you should consider taking advantage of these powerful tools today so that you can seize the edge you need to stay alive in today’s hyper-connected, hyper-competitive marketplace.

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