Style and Statistics

Chapter 11 How to Gain Personal Value from Analytics

Whether you are just starting out your career and looking to educate yourself on analytics or are a seasoned veteran who wants to understand how things are changing and what the future of retail will look like, you can gain value from learning and leveraging analytics. Throughout this book, we have discussed the importance of leveraging analytics in the retail process, from creating strategic plans, curating assortments, fulfilling inventory, pricing, and marketing to the in-store experience and cybersecurity. Each component benefits from analytics by increasing accuracy and efficiencies and enabling a more personalized engagement with customers. As the digital landscape continues to evolve and competition is at an all-time high, analytics become critical for retailers to stay in the game.

At the same time, art is a large component of retail. Style and fashion are both forms of art, personal art. Retail cannot be completely mathematical or black and white. Analytical insights are a part of retail merchandising, pricing, marketing, in-store experience, and cybersecurity. However, an understanding of the customer, an eye for taste and art, and a deep understanding of the business and strategy are critical to truly leverage an analytical approach.

“Domain knowledge” is a term that describes having knowledge related to the customer, the business, and the strategy. There will never be a day when you walk into a retail corporate ...