Predictive Analysis Helps Marketing, Inventory
HILTON HEAD, S.C. -- Retailers interested in developing more sophisticated promotions and customer-relevant offers might want to consider improving their ability to collect data coming from their own stores.
Speaking before about 175 people at the Gilbarco 2016 Retail Technology Conference held May 17-19 in Hilton Head, S.C., Haya Ajjan, a researcher and professor of management information systems, Elon University, Elon, N.C., said knowing the customer was the overriding goal of data collection and analytics. Through such efforts, retailers can ultimately reduce costs and improve the effectiveness of marketing, promotional and inventory-management activities.
She identified four data-collection options that, in tandem, can significantly improve a retailer’s ability to understand and predict customers’ needs.