Retail analytics topics

Retail analytics is the process of providing analytical data on inventory levels, supply chain movement, consumer demand, sales, etc. that are crucial for making marketing, and procurement decisions. The analytics on demand and supply data can be used for maintaining procurement level and also for taking marketing decisions. Retail analytics gives us detailed customer insights along with insights into the business and processes of the organisation with scope and need for improvement.

Some of the most common analytical methods used in the retail industry include:

Localization and Clustering: Electronic product tags and internet stores are providing retailers with deep insights on local buying habits. This data can then be integrated with data on leases, costs, store performance, and maintenance to find an optimal location to open a store on. The offerings of the store will be unique to the preferences of the local customers. This will increase sales and prevent retailers from keeping too much stock.

Market Basket Analysis: Market basket analysis uses affinity analysis methods to understand customer purchase behavior. If a customer is regularly purchasing cereal and milk together for example, offering discounts for both of the items is not very logical, but offering a discount for one of the items can drive the sales of the other.

Price Optimization: Price optimization is the practice of using data on operating costs, inventories, and historic pricing and sales to come up with the price of an offering that will maximize profits. Understanding the customer and how they will react to a specific price point is of vital importance in price optimization.

Marketing Mix Modeling: Marketing Mix Modeling is the practice of using historical sales and marketing data to understand the impact of different marketing tactics on sales and then forecasting the impacts of future strategies. This type of analysis is especially useful when preparing marketing and advertising mixes that have positive impacts on sales and revenue.

Their are a lot of courses offline and online that provide courses around analytics and more specifically retail analytics, I would suggest you google for such institutes near you.