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Data Driven Decision Making In Online And Offline Retail
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Book Synopsis Data-driven Decision Making in Online and Offline Retail by : Divya Singhvi
Download or read book Data-driven Decision Making in Online and Offline Retail written by Divya Singhvi and published by . This book was released on 2020 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: .Retail operations have experienced a transformational change in the past decade with the advent and adoption of data-driven approaches to drive decision making. Granular data collection has enabled firms to make personalized decisions that improve customer experience and maintain long-term engagement. In this thesis we discuss important problems that retailers face in practice, before, while and after a product is introduced in the market. In Chapter 2, we consider the problem of estimating sales for a new product before retailers release the product to the customer. We introduce a joint clustering and regression method that jointly clusters existing products based on their features as well as their sales patterns while estimating their demand. Further, we use this information to predict demand for new products. Analytically, we show an out-of-sample prediction error bound. Numerically, we perform an extensive study on real world data sets from Johnson & Johnson and a large fashion retailer and find that the proposed method outperforms state-of-the-art prediction methods and improves the WMAPE forecasting metric between 5%-15%. Even after the product is released in the market, a customer's decision of purchasing the product depends on the right recommendation personalized for her. In Chapter 3, we consider the problem of personalized product recommendations when customer preferences are unknown and the retailer risks losing customers because of irrelevant recommendations. We present empirical evidence of customer disengagement through real-world data. We formulate this problem as a user preference learning problem. We show that customer disengagement can cause almost all state-of-the-art learning algorithms to fail in this setting. We propose modifying bandit learning strategies by constraining the action space upfront using an integer optimization model. We prove that this modification can keep significantly more customers engaged on the platform. Numerical experiments demonstrate that our algorithm can improve customer engagement with the platform by up to 80%. Another important decision a retailer needs to make for a new product, is its pricing. In Chapter 4, we consider the dynamic pricing problem of a retailer who does not have any information on the underlying demand for the product. An important feature we incorporate is the fact that the retailer also seeks to reduce the amount of price experimentation. We consider the pricing problem when demand is non-parametric and construct a pricing algorithm that uses piecewise linear approximations of the unknown demand function and establish when the proposed policy achieves a near-optimal rate of regret ( O)( [square root of] T), while making O(log log T) price changes. Our algorithm allows for a considerable reduction in price changes from the previously known O(log T) rate of price change guarantee found in the literature. Finally, once a purchase is made, a customer's decision to return to the same retailer depends on the product return polices and after-sales services of the retailer. As a result, in Chapter 5, we focus on the problem of reducing product returns. Closely working with one of India's largest online fashion retailers, we focus on identifying the effect of delivery gaps (total time that customers have to wait for the product they ordered to arrive) and customer promise dates on product returns. We perform an extensive empirical analysis and run a large scale Randomized Control Trial (RCT) to estimate these effects. Based on the insights from this empirical analysis, we then develop an integer optimization model to optimize delivery speed targets.
Book Synopsis Data-Driven Decision Making in Online and Brick-And-Mortar Retailing by : Gihan Samodha Edirisinghe
Download or read book Data-Driven Decision Making in Online and Brick-And-Mortar Retailing written by Gihan Samodha Edirisinghe and published by . This book was released on 2020 with total page 163 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation focuses on the general theme of data-driven decision making in online and brick-and-mortar retail.Chapter One proposes a dynamic shelf allocation-relocation scheme for rearranging storewide product allocations over time to maximize impulse buying behavior. The proposed method rearranges items based on customer behavior with the current arrangement. The method applies insights from association rule mining to group highly affine and profitable product pairs, optimize the assignment of departments to store aisles, and determine the optimal within-aisle space allocations for the products of each department. This strategic rearrangement technique consistently outperforms random shelf-space rearrangement and, in many instances, exceeds the profit potential of a more traditional static shelf space arrangement.In Chapter Two, we conduct a data-driven analysis of the profitability and customer effects of three free shipping policies commonly adopted by online retailers at present. Using a Python-based web crawler, we obtained a unique dataset containing data from more than 80,000 products listed on Amazon.com. We then analyzed the data using non-linear mixed integer programs under different free shipping policies to compare their profitability and effects on customers. We find that membership free shipping policies are more profitable than the other policies considered. We also present insights on setting optimal membership fee levels and free shipping thresholds under different conditions.Chapter Three develops a methodology that creates structural equations using regression techniques based on known optimal results. The procedure is useful during situations such as initial decision-making on network-wide safety stock levels where quick, robust answers are sufficient.In Chapter Four, we present workable strategies for rural colleges and instructors operating on limited budgets to hold highly interactive question and answer (Q&A) sessions with accomplished guest speakers from industry. We introduce an approach for the selection of high-quality guest speakers, which utilizes the detailed resumes of tens of thousands of college alumni listed on LinkedIn. We also illustrate an innovative Q&A format that uses free cloud-based services such as Google Forms and Google Sheets. These successfully implemented strategies can address many challenges faced by rural schools in attracting and accommodating quality guest speakers for engaging exchanges with students.
Book Synopsis Data-Driven Decision Making by : Jeanne Poulose
Download or read book Data-Driven Decision Making written by Jeanne Poulose and published by Springer Nature. This book was released on with total page 331 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Operations in an Omnichannel World by : Santiago Gallino
Download or read book Operations in an Omnichannel World written by Santiago Gallino and published by Springer Nature. This book was released on 2019-10-15 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world of retailing has changed dramatically in the past decade. Sales originating at online channels have been steadily increasing, and even for sales transacted at brick-and-mortar channels, a much larger fraction of sales is affected by online channels in different touch points during the customer journey. Shopper behavior and expectations have been evolving along with the growth of digital channels, challenging retailers to redesign their fulfillment and execution processes, to better serve their customers. This edited book examines the challenges and opportunities arising from the shift towards omni- channel retail. We examine these issues through the lenses of operations management, emphasizing the supply chain transformations associated with fulfilling an omni-channel demand. The book is divided into three parts. In the first part, “Omni-channel business models”, we present four studies that explore how retailers are adjusting their fundamental business models to the new omni-channel landscape. The second part, “Data-driven decisions in an omni-channel world”, includes five chapters that study the evolving data opportunities enabled by omni-channel retail and present specific examples of data-driven analyses. Finally, in the third part, “Case studies in Omni-channel retailing”, we include four studies that provide a deep dive into how specific industries, companies and markets are navigating the omni-channel world. Ultimately, this book introduces the reader to the fundamentals of operations in an omni-channel context and highlights the different innovative research ideas on the topic using a variety of methodologies.
Book Synopsis Advances in Data-Driven Computing and Intelligent Systems by : Swagatam Das
Download or read book Advances in Data-Driven Computing and Intelligent Systems written by Swagatam Das and published by Springer Nature. This book was released on with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Data-Driven Decision-Making for Business by : Claus Grand Bang
Download or read book Data-Driven Decision-Making for Business written by Claus Grand Bang and published by Taylor & Francis. This book was released on 2024-08-22 with total page 327 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research shows that companies that employ data-driven decision-making are more productive, have a higher market value, and deliver higher returns for their shareholders. In this book, the reader will discover the history, theory, and practice of data-driven decision-making, learning how organizations and individual managers alike can utilize its methods to avoid cognitive biases and improve confidence in their decisions. It argues that value does not come from data, but from acting on data. Throughout the book, the reader will examine how to convert data to value through data-driven decision-making, as well as how to create a strong foundation for such decision-making within organizations. Covering topics such as strategy, culture, analysis, and ethics, the text uses a collection of diverse and up-to-date case studies to convey insights which can be developed into future action. Simultaneously, the text works to bridge the gap between data specialists and businesspeople. Clear learning outcomes and chapter summaries ensure that key points are highlighted, enabling lecturers to easily align the text to their curriculums. Data-Driven Decision-Making for Business provides important reading for undergraduate and postgraduate students of business and data analytics programs, as well as wider MBA classes. Chapters can also be used on a standalone basis, turning the book into a key reference work for students graduating into practitioners. The book is supported by online resources, including PowerPoint slides for each chapter.
Book Synopsis Data-Driven Approaches for Effective Managerial Decision Making by : Anubha
Download or read book Data-Driven Approaches for Effective Managerial Decision Making written by Anubha and published by IGI Global. This book was released on 2023-05-08 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: In todays competitive market, a manager must be able to look at data, understand it, analyze it, and then interpret it to design a smart business strategy. Big data is also a valuable source of information on how customers interact with firms through various mediums such as social media platforms, online reviews, and many more. The applications and uses of business analytics are numerous and must be further studied to ensure they are utilized appropriately. Data-Driven Approaches for Effective Managerial Decision Making investigates management concepts and applications using data analytics and outlines future research directions. The book also addresses contemporary advancements and innovations in the field of management. Covering key topics such as big data, business intelligence, and artificial intelligence, this reference work is ideal for managers, business owners, industry professionals, researchers, scholars, academicians, practitioners, instructors, and students.
Book Synopsis Data-Driven Decision Making for Long-Term Business Success by : Singh, Sonia
Download or read book Data-Driven Decision Making for Long-Term Business Success written by Singh, Sonia and published by IGI Global. This book was released on 2023-12-21 with total page 515 pages. Available in PDF, EPUB and Kindle. Book excerpt: In today's academic environment, the challenge of ensuring lasting commercial and economic success for organizations has become more daunting than ever before. The relentless surge in data-driven decision-making, based on innovative technologies such as blockchain, IoT, and AI, has created a digital frontier filled with complexity. Maintaining a healthy firm that can continually provide innovative products and services to the public while fueling economic growth has become a formidable puzzle. Moreover, this digital transformation has ushered in new risks, from pervasive cybersecurity threats to the ethical challenges surrounding artificial intelligence. In this evolving landscape, academic scholars face the pressing challenge of deciphering the path to long-term organizational prosperity in an era dominated by data. Data-Driven Decision Making for Long-Term Business Success serves as guidance and insights amidst this academic challenge. It is the definitive solution for scholars seeking to uncover the complexities of data-driven decision-making and its profound impact on organizational success. Each meticulously curated chapter delves into a specific facet of this transformative journey, from the implications of modern technologies and pricing optimization to the ethics underpinning data-driven strategies and the metaverse's influence on decision-making.
Book Synopsis Data-driven Retailing by : Louis-Philippe Kerkhove
Download or read book Data-driven Retailing written by Louis-Philippe Kerkhove and published by Springer Nature. This book was released on 2022-10-05 with total page 259 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides retail managers with a practical guide to using data. It covers three topics that are key areas of innovation for retailers: Algorithmic Marketing, Logistics, and Pricing. Use cases from these areas are presented and discussed in a conceptual and comprehensive manner. Retail managers will learn how data analysis can be used to optimize pricing, customer loyalty and logistics without complex algorithms. The goal of the book is to help managers ask the right questions during a project, which will put them on the path to making the right decisions. It is thus aimed at practitioners who want to use advanced techniques to optimize their retail organization.
Book Synopsis Business Analytics - Unleashing Data Driven Decision Making by : JUBI R
Download or read book Business Analytics - Unleashing Data Driven Decision Making written by JUBI R and published by NEHAS PUBLICATIONS. This book was released on 2024-01-12 with total page 367 pages. Available in PDF, EPUB and Kindle. Book excerpt: In today's dynamic and data-driven business landscape, the art and science of Business Analytics have emerged as critical tools for exploration, introspection, and informed decision-making. "Business Analytics," the book at hand, delves into the practices and competencies essential for unraveling the complexities of business performance, facilitating purposeful, intuitive, and expedient decision-making processes. The essence of Business Analytics lies in the extensive exploration of business data, aiming to extract meaningful information usable by managers across various organizational levels. This book positions Business Analytics as a catalyst for fact-based decision-making, elevating accountability in the decision-making process. It defines Business Analytics as a methodical process that involves scrutinizing and summarizing data with the explicit purpose of uncovering hidden predictive insights. This book places a particular emphasis on the science and artistry of business analytics, with a special focus on financial analytics. It not only explores the practical aspects but also lays the theoretical foundations, providing a comprehensive context for various elements of business analytics within specific business situations. A distinctive feature of this book is its commitment to showcasing the implementation of analytics by illustrating how leading companies leverage this power to enhance their investments. Acknowledging that scientific knowledge alone may not suffice for sound decision-making, the book underscores the importance of combining scientific expertise with a deep understanding of the business context and the best available information. Addressing a notable gap in existing literature, this book goes beyond traditional academic texts that predominantly concentrate on quantitative methods. Instead, it extends its reach to cover analytics for non-quantitative managers. In doing so, the book aims to equip a broader audience with the knowledge and tools necessary to harness the benefits of Business Analytics in diverse business scenarios. As you embark on this journey through the pages of "Business Analytics," you will gain insights into the transformative power of analytics in decision-making, and how it has become an indispensable asset for businesses navigating the intricacies of the contemporary corporate landscape.
Book Synopsis Smart Retail: Revolutionizing the Shopping Experience with AI by : Samuel James
Download or read book Smart Retail: Revolutionizing the Shopping Experience with AI written by Samuel James and published by Samuel Inbaraja S. This book was released on 2023-12-30 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: From personalized recommendations and dynamic pricing to automated inventory management and fraud detection, AI offers a treasure trove of opportunities to boost efficiency, enhance customer experience, and increase profitability. We'll explore how AI can be harnessed to: Understand your customers: Go beyond demographics to uncover hidden preferences and predict buying behavior. Optimize your operations: Streamline logistics, minimize stockouts, and make data-driven decisions for smarter inventory management. Personalize the shopping journey: Create frictionless experiences, offer relevant product suggestions, and build lasting customer relationships. Stay ahead of the curve: Identify emerging trends, adapt to market fluctuations, and innovate with confidence.
Book Synopsis Data-Driven Digital Marketing The Art and Science of Intelligent Decision-Making by : Milad Shemshaki
Download or read book Data-Driven Digital Marketing The Art and Science of Intelligent Decision-Making written by Milad Shemshaki and published by Milad Shemshaki. This book was released on with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book combines theoretical foundations with practical insights, case studies, and actionable strategies, making it an invaluable resource for marketing professionals, business leaders, students, and entrepreneurs alike. By exploring cutting-edge technologies and emphasizing the alignment of data-driven tactics with broader business objectives, Shemshaki equips readers with the knowledge and tools necessary to thrive in the digital age. Whether you're looking to enhance your data analysis skills, drive business growth through intelligent marketing decisions, or gain a competitive edge in the marketplace, this book provides a roadmap for leveraging data to create more meaningful connections with your audience and achieve measurable business results.
Book Synopsis How Digital Intelligence Drives Business Growth by : Zhizhuan Business Research Institute
Download or read book How Digital Intelligence Drives Business Growth written by Zhizhuan Business Research Institute and published by Springer Nature. This book was released on 2023-12-25 with total page 425 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book aims to build a framework for understanding how to achieve new business growth through digital intelligence. It reveals the driving force and commercial logic behind the technology upgrade and transformation for enterprises, analyzes how to improve enterprises' branding, product, distribution channel, marketing, logistics, and organization under the new context, and studies the successful cases in digital intelligence of 6 Chinese enterprises. For business school students, researchers, managers, and practitioners, it is helpful to build an overview and understanding on strategy level as well as practice level.
Book Synopsis The Fashion Industry and Its Careers by : Michele M. Granger
Download or read book The Fashion Industry and Its Careers written by Michele M. Granger and published by Bloomsbury Publishing USA. This book was released on 2015-03-12 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: Revised editon of: Fashion: the industry and its careers / Michele M. Granger. 2012
Book Synopsis Data Driven Approach Towards Disruptive Technologies by : T P Singh
Download or read book Data Driven Approach Towards Disruptive Technologies written by T P Singh and published by Springer Nature. This book was released on 2021-04-06 with total page 597 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a compilation of peer-reviewed papers presented at the International Conference on Machine Intelligence and Data Science Applications, organized by the School of Computer Science, University of Petroleum & Energy Studies, Dehradun, India, during 4–5 September 2020. The book addresses the algorithmic aspect of machine intelligence which includes the framework and optimization of various states of algorithms. Variety of papers related to wide applications in various fields like data-driven industrial IoT, bioinformatics, network and security, autonomous computing and various other aligned areas. The book concludes with interdisciplinary applications like legal, health care, smart society, cyber-physical system and smart agriculture. All papers have been carefully reviewed. The book is of interest to computer science engineers, lecturers/researchers in machine intelligence discipline and engineering graduates.
Book Synopsis Marketing Strategy In The Digital Age: Applying Kotler's Strategies To Digital Marketing by : Milton Kotler
Download or read book Marketing Strategy In The Digital Age: Applying Kotler's Strategies To Digital Marketing written by Milton Kotler and published by World Scientific. This book was released on 2020-08-26 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: The market changes faster than marketing. In essence, marketing strategy has undergone only two eras, the entity era and the bit era, also known as the industrial age and the digital age. In the age of digital society, all CEOs, CMOs and senior marketing executives must consider how to change their strategies, improve the role of marketing and adopt emerging technological and data tools to integrate with the Internet. The goal of digital marketing strategy is not to disrupt existing marketing strategies, but to complement, integrate and develop the two at the same time.In this book, the authors provide detailed discussion and practical analysis on the relationship between marketing and digital technologies and propose a marketing implementation framework for digital strategy platforms. Standing for Recognize, Reach, Relationship and Return, the 4R system is a powerful strategic trading tool for digital implementation, especially for CEOs and CMOs. All other tools, such as data platforms, content marketing, DSP digital advertising and digital marketing ROI design essentially serve the 4R system. As such, the authors advocate for firms to restructure their digital marketing strategy around the 4R system.
Book Synopsis Future of Customer Engagement Through Marketing Intelligence by : Sinha, Mudita
Download or read book Future of Customer Engagement Through Marketing Intelligence written by Sinha, Mudita and published by IGI Global. This book was released on 2024-05-20 with total page 303 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the competitive world of contemporary business, the challenge of developing marketing strategies that bridge the gap between traditional and innovative techniques has become more critical than ever. As marketing shifts between physical and digital realms, companies grapple with the central question of how to navigate this evolution successfully. The key lies in data the linchpin that can unravel vital problems in modern marketing. The need for sustainable and effective marketing strategies permeates all sectors, emphasizing the urgency for businesses to combine traditional methods with innovative approaches, such as harnessing alternative data and leveraging AI-based solutions. Future of Customer Engagement Through Marketing Intelligence emerges as a compelling solution to the pressing challenges faced by businesses in this transformative landscape. It offers a step-by-step roadmap, guiding readers on how market intelligence can utilize data and transform it into actionable insights. By emphasizing the crucial role of data in crafting great marketing strategies, the book advocates for a deep understanding of market-supported content and factual data. It asserts that marketing intelligence, encompassing data collection, analysis, and strategic utilization, is the key to becoming customer-centric, understanding market demands, and gaining a competitive advantage.
