The Retail Equation’s team of world-class PhD statisticians and retail specialists are skilled in delivering consultative analysis on many facets of the retail store environment, including operations, marketing, loss prevention, and much more.
Processes
Combining our skills of data management and predictive analytics, we can offer a solid menu of consultative processes to attack a variety of retail issues. Extracting data deep and wide across your organization, from the heart of a legacy POS to an endless array of information silos, we pour these streams of knowledge into our advanced statistical tools to assist with many deliverables.
- Benchmarking
The act of comparing one element or process to another, benchmarking helps chains compare stores, districts, and regions to one other, or helps companies compare their performance to other like organizations.
- Predictive Modeling
With a focus on consumer behavior and actions within the selling environment, predictive modeling can help answer “what’s most likely to happen next?” for many retail encounters.
- Outlier Analysis
Trends and patterns can be drawn from groups of items, like a collection of retail sales transactions. At the edges of these groups, outliers often indicate things to watch – employees engaged in fraud and abusive merchandise returners at one extreme, or consumers with an eye for the latest fashion and items that are leading indicators at the other.
- Program impact analysis
Retail is made complex by the multiplier factor of the number of stores; often retailers run programs in small clusters before deciding to implement chain-wide. These programs – or designed experiments – can be scientifically measured for success. A series of concepts are involved, including test and learn methods, control group selection, statistically appropriate sample size, and analysis tool choices.
- Data visualization
The Retail Equation’s experience with many t-log formats and extremely large data sets positions us well to capture and analyze data from multiple sources with a clear perspective. Add to that our ability to create custom reports from simple summary/detail formats all the way to statistical trends, patterns, and graphics using regression analysis and exception reporting techniques and we can offer you a point of view that never existed before.
Consulting Topics
Below are some example retail topics from prior consulting engagements.
- Operations
- Sales transaction analysis
- Employee performance analysis
- Sales conversions
- Marketing
- Promotion effectiveness
- Segmentation
- Customer/segment profitability
- Product associations
- Loss Prevention
- Return transaction analysis
- Return fraud analysis
- Shrink studies
- Employee theft measurement
- Other
- SKU/product analysis
- Store location analysis
