Data Analysis in retail sector - training and methods

Although, generally, data analysis refers to the process of manipulation and interpretation of observed facts and figures; in retail sector it refers to the handling of data in a way, so as to come up with possibly fruitful outcomes in the future. Data collection plays a really significant role in the infrastructure of a retail organization and this is why Octopus provides training on using data analysis.

A large amount of data is collected at the first place, which is primarily based on the records of sales and purchases. Once, the data is collected, it is preferred to be manipulated and tabulated because, there is nothing one can get from a raw data collection. Data analysis training lays special stress on this aspect of retail department. Retailers basically have a large store of data that is secured in their systems, and is subjected to various qualitative data analysis methods in order to bring forward worked-out advance parameters. Nowadays, even simplest computers and software programs can be relied on for this purpose, which can also save a lot of time.

Once, the essential parameters of data study and assessment have been worked out, different propositions are made to increase the productivity of business. Following are certain points that are kept in mind and usually enumerated by the data collection training workshops:
New strategies should be made in accordance with the results and out come of the older ones, so that the retailer would know that whether or not the newer one is going to work out. The patterns and trends of database must be well understood prior to ending up in a promotion strategy. This process can be more accurate, given that the retailer is in good communication with all stores and customer base. Again this is something explained in depth by the data analysis training workshops. Modern techniques and data analysis methods should be employed, while working on new promotion strategies. The collected data base must be well organized and100% accurate. For instance, if one is observing the size of clientele for a particular product or service, the loyal customers must not be included in the list; rather the new customer-base should be preferred. The promotion strategy should be made such that it specifically targets to bring in new customers and retain the older ones. The promotion should look appealing to the customers / clients and should include offers that are looked up to by them. These offers may include monetarily ones like ‘buy one get one free’ or those, which promise the quality of the product. Basically, Octopus' data study training emphasizes on bringing up promotional ideas and strategies, hinged upon the successes and failures of previous trials and targets to increase the clientele as well as the income. Lastly, in addition to the thorough homework done on strategy building, good promotion advertising is also recommended by data analysis training programs. However, it should be taken care of that the campaign finance should not exceed the approximate income. These are important Analysis Methods.