|
Behavioral Clustering
Behavioral clustering is a statistical analysis method used in retailing to identify consumer purchase trends and group stores based on consumer buying behaviors. Traditional versus behavioral clustering Traditional clustering Historically, retailers and manufacturers have grouped stores based on top-down constraints such as store size, total store sales volume, retail banner, or supply chain requirements to ensure the chain is operating efficiently. In other cases, a strategy to group stores into common demographic or geographic clusters is followed. The major benefit of using a top-down traditional approach is that, by using averages to group stores, it ensures the chain is operating at maximum efficiency. The risk when using this approach is in not meeting localized demand on a store-by-store basis, resulting in a potential loss in sales. Behavioral clustering When performing behavioral clustering, store clusters are formed based on analyzing the actual performance (e.g. sal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Statistical Analysis
Statistical inference is the process of using data analysis to infer properties of an underlying distribution of probability.Upton, G., Cook, I. (2008) ''Oxford Dictionary of Statistics'', OUP. . Inferential statistical analysis infers properties of a population, for example by testing hypotheses and deriving estimates. It is assumed that the observed data set is sampled from a larger population. Inferential statistics can be contrasted with descriptive statistics. Descriptive statistics is solely concerned with properties of the observed data, and it does not rest on the assumption that the data come from a larger population. In machine learning, the term ''inference'' is sometimes used instead to mean "make a prediction, by evaluating an already trained model"; in this context inferring properties of the model is referred to as ''training'' or ''learning'' (rather than ''inference''), and using a model for prediction is referred to as ''inference'' (instead of ''prediction'' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supply Chain
In commerce, a supply chain is a network of facilities that procure raw materials, transform them into intermediate goods and then final products to customers through a distribution system. It refers to the network of organizations, people, activities, information, and resources involved in delivering a product or service to a consumer. Supply chain activities involve the transformation of natural resources, raw materials, and components into a finished product and delivering the same to the end customer. In sophisticated supply chain systems, used products may re-enter the supply chain at any point where residual value is recyclable. Supply chains link value chains. Suppliers in a supply chain are often ranked by "tier", with first-tier suppliers supplying directly to the client, second-tier suppliers supplying to the first tier, and so on. Overview A typical supply chain begins with the ecological, biological, and political regulation of natural resources, followed by the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chain Store
A chain store or retail chain is a retail outlet in which several locations share a brand, central management and standardized business practices. They have come to dominate the retail and dining markets and many service categories, in many parts of the world. A franchise retail establishment is one form of chain store. In 2005, the world's largest retail chain, Walmart, became the world's largest corporation based on gross sales. History In 1792, Henry Walton Smith and his wife Anna established W.H. Smith as a news vending business in London that would become a national concern in the mid-19th century under the management of their grandson William Henry Smith. The world's oldest national retail chain, the firm took advantage of the railway boom during the Industrial Revolution by opening news-stands at railway stations beginning in 1848. The firm, now called WHSmith, had more than 1,400 locations as of 2017. In the U.S., chain stores likely began with J. Stiner & ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Targeted Marketing
Targeted advertising is a form of advertising, including online advertising, that is directed towards an audience with certain traits, based on the product or person the advertiser is promoting. These traits can either be demographic with a focus on race, economic status, sex, age, generation, level of education, income level, and employment, or psychographic focused on the consumer values, personality, attitude, opinion, lifestyle and interest. This focus can also entail behavioral variables, such as browser history, purchase history, and other recent online activities. The process of algorithm targeting eliminates waste. Traditional forms of advertising, including billboards, newspapers, magazines, and radio channels, are progressively becoming replaced by online advertisements. The Information and communication technology (ICT) space has transformed recently, resulting in targeted advertising stretching across all ICT technologies, such as web, IPTV, and mobile environments. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Merchandising
Merchandising is any practice which contributes to the sale of products to a retail consumer. At a retail in-store level, merchandising refers to displaying products that are for sale in a creative way that entices customers to purchase more items or products. In retail commerce, visual display merchandising means merchandise sales using product design, selection, packaging, pricing, and display that stimulates consumers to spend more. This includes disciplines and discounting, physical presentation of products and displays, and the decisions about which products should be presented to which customers at what time. Often in a retail setting, creatively tying in related products or accessories is a great way to entice consumers to purchase more. Merchandising helps to understand the ordinary dating notation for the terms of payment of an invoice. Codified discounting solves pricing problems including markups and markdowns. It helps to find the net price of an item after singl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Geomarketing
In marketing, geomarketing (also called marketing geography) is a discipline that uses geolocation (geographic information) in the process of planning and implementation of marketing activities."Recommending Social Events from Mobile Phone Location Data" Daniele Quercia, et al., ICDM 2010 It can be used in any aspect of the — the product, price, promotion, or place ( geo targeting). Market segments can also correlate with location, and this can b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cluster Analysis
Cluster analysis or clustering is the task of grouping a set of objects in such a way that objects in the same group (called a cluster) are more similar (in some sense) to each other than to those in other groups (clusters). It is a main task of exploratory data analysis, and a common technique for statistical data analysis, used in many fields, including pattern recognition, image analysis, information retrieval, bioinformatics, data compression, computer graphics and machine learning. Cluster analysis itself is not one specific algorithm, but the general task to be solved. It can be achieved by various algorithms that differ significantly in their understanding of what constitutes a cluster and how to efficiently find them. Popular notions of clusters include groups with small distances between cluster members, dense areas of the data space, intervals or particular statistical distributions. Clustering can therefore be formulated as a multi-objective optimization probl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
