Retail Business Intelligence BlogRETAILING WITH INSIGHT

Perspectives on Business Intelligence Trends in Retail Accounts.

Integrating Retail Analytics in an Omnichannel World – Part 1

Posted by Quantisense Retail Insight Team

Mar 27, 2014

convergenceCreating a seamless shopping experience for consumers through all channels, from mobile devices to brick-and-mortar stores, is the omnichannel challenge retailers continue to face in 2014. But applying analytics to the omnichannel retail market makes the challenge of acquiring and reporting omnichannel data even greater.

In this two-part series, we share some of the challenges of integrating information in an omnichannel retail environment, which Bill Robinson, Senior Advisor to QuantiSense, discussed at NRF 2014. 

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Topics: Retail Analytics

Destination XL Sizes Up Retail Analytics to Deliver Localized Assortments

Posted by Quantisense Retail Insight Team

Mar 25, 2014

destination-xl-groupDestination XL (formerly Casual Male) strives to be a “one-stop shop” for its big and tall customers. As the largest retailer of big and tall men’s apparel, the company is on track to remedy a significant problem many big and tall men have—finding clothes that fit.

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Topics: Retail Business Intelligence

A Better Approach to the Retail Accounting: The Cost Method

Posted by Quantisense Retail Insight Team

Mar 18, 2014

Cost_Accounting“I don’t know of any retail startup over the last 15 years that has adopted the retail method.” Paula Rosenblum, co-founder and Managing Partner, Retail Systems Research.

As recently as 2008, as many as half of all retailers employed the retail method of accounting. While the retail method was a tremendous advancement at its introduction in the 1920s, there are several major drawbacks to using the retail method today. Most notably, the retail method does a poor job measuring margin, encourages “gaming the system” and fails to set the proper accounting foundation for multi-channel retailers.

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Topics: Retail Accounting

Designed for a Different Era: Drawbacks of the Retail Method of Accounting

Posted by Quantisense Retail Insight Team

Mar 13, 2014

retail-accounting-2“The retail method is a troublesome anachronism which had its day, its purpose and its value – all of which have passed.” Paula Rosenblum, co-founder and Managing Partner, Retail Systems Research.

Born in the roaring ‘20s, the retail method of accounting (or retail method) allowed specialty retailers to forego the cumbersome cost look-up process at the point of purchase and, to the delight of customers, untethered merchandise from behind counters. An innovation at the time, the retail method was widely adopted by specialty retailers across the U.S., and as many as half of retailers still utilize the method of account today.

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Topics: Retail Accounting

The Onset of the Retail Method of Accounting: A History

Posted by Quantisense Retail Insight Team

Mar 11, 2014

retail-accountingImagine a world where films were silent, radio is a new phenomenon and marathon dancing is a major source of income. Placing yourself in this scenario is just as odd as if you were to travel in time to the early 20th century and ask a young person to imagine a world of cordless “smart” telephones that fit in your pocket, High Definition (HD) “televisions” and a worldwide “computer” network called the “Internet” chocked full of cat “memes.”

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Topics: Retail Accounting

Building Localized Assortments with the Customer in Mind

Posted by Quantisense Retail Insight Team

Mar 6, 2014

customer-in-mindA localized assortment tool allows an understanding of how customers shop at particular stores, informing which categories and items are in demand and how to optimize the retail experience. This type of data shows us when there are lost opportunities for particular assortments and how to make better-informed decisions about merchandise.

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Topics: Local Assortment

3 Ways Retail BI Makes Your CRM Even More Customer Centric

Posted by Quantisense Retail Insight Team

Mar 4, 2014

customer-centricYour sales associates are responsible for engaging your customers, providing top customer service and understanding how customers shop with you. Right where all your transactions occur, store managers and sales associates have a good idea of who is shopping with them, what customers are shopping for and what they decide to purchase.

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Topics: Retail Business Intelligence

Is Omnichannel Merchandising the Right Retail Strategy?

Posted by Quantisense Retail Insight Team

Feb 27, 2014

omnichannelThe retail industry is rapidly changing, and an omnichannel strategy is being highlighted as a blueprint for success. In this approach, retailers are able to allocate products from their entire stock of inventory to any of the channels (store, outlet, web, catalog) through which their customers wish to purchase. This allows a shopping experience where the customer's needs are fulfilled however they please, and creates loyal shoppers who have a seamless experience regardless of how, when and where they make their purchase.

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Topics: Retail Business Intelligence

How Weather Impacts Inventory Productivity

Posted by Quantisense Retail Insight Team

Feb 25, 2014

weatherFrom states accustomed to snow and ice like Minnesota to winter storm novices like Georgia, no place has been safe from Mother Nature’s wintery wrath. And if Punxsutawney Phil’s seasonal prediction is accurate, the treacherous weather patterns are far from over. This has left many retailers wondering how the unpredictable winter weather will impact their inventory productivity. Experts say they have reason to be concerned…at least to a certain extent.

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Topics: Inventory Productivity

Tips to Build a Customer-Centric Marketing Strategy with Retail BI

Posted by Quantisense Retail Insight Team

Feb 20, 2014

marketingYour customers are talking to you with their wallets. They are telling you what they do and don’t like about your products, how they want to shop and how they want you to market to them. Accessing this information and incorporating it into your marketing strategy

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Topics: Retail Business Intelligence

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