The Retail Analytics Council is guided by the Advisory Board and Directors. In addition to publishing its research, the work is further explored in executive conferences, forums, and other activities.
THE RETAIL ANALYTICS COUNCIL’S RESEARCH FOCUS IS IN THE FOLLOWING AREAS:
Marketing Mix Modeling
- Adopting of Bots
- Supply Chain/Demand Planning
- Dynamic Pricing
- Direct-to Customer
- Store Localization– assortments, store formats, promotions
- Staff optimization
- Customer data to segment, target, and personalize offers
- Trend Forecasting – identify drivers of change, their impact, and enable responses
- Customer Experience
- Data Applications
- New Modeling Methodologies
- Facial/Frictionless Pay
- Natural Language Processing (NLP)
RESEARCH CURRENTLY UNDER DEVELOPMENT INCLUDES THE FOLLOWING:
Understanding the Influence of Online Behavior on In-Store Purchases: Behavioral Bonding
Researchers: Martin Block and Steven Keith Platt
Research Thesis: It was estimated that by the end of 2015, as much as 64 percent of in-store purchases would be influenced by online behavior. This means that some $200 billion of U.S. in-store sales are being affected by web activity such as recommendations, price comparison shopping, advertising, promotional activity, etc. Understanding this relationship is one of the most significant issues facing retailers today. The principle research objective is to understand the relationship between a consumer’s online activity and in-store purchases. This will be accomplished by isolating as many consumer traceable inputs as possible, and measuring their relative impact on consumer purchases.
Generations Age Cohorts − Are All Millennials Alike?
Researchers: Martin Block and Don E. Schultz
Research Thesis: Understanding generations is key to marketing success. The research will describe media, shopping, motivational, emotional, activity, and health differences among the generational groups. These differences will be related to both cultural and biological development.
Understanding and Shaping Impulse Shopping
Researcher: Martin Block and Don Schultz
Best Practices for Creating and Managing a Retail Big Data Platform
Researchers: Vijay Viswanathan and Steven Keith Platt
Research Thesis: This research will focus on how firms organize themselves in the new data-rich environment, and what skills are necessary from a marketing analytics point of view in the new environment.
Publication Date: 4th Quarter 2016
Using Social Data to Predicate Demand and Fashion Trends
Researchers: Martin Block, Russ Nelson, and Steven Keith Platt
Research Thesis: This research is aimed at gaining insights into the relationship between social media, on the one hand, and online sales, on the other. Findings will be extrapolated to aid in demand planning and merchandise trend forecasting.