RETAIL BUSINESS ANALYSIS
The multitude of variables involved in a retail business can become very difficult to keep track of, very quickly.
How much floor space should be allocated to each department? Where should each department/product be placed? Does the placement of a department or product affect how much floor space should be allocated to it? How can the locale be structured to encourage customer movement towards higher-margin departments?
Oftentimes, making a move to answer one of these questions can throw all of the others into disarray. Rehman Analytica can remedy the difficulty in such retail decision making by introducing data-driven insights into your decision making process by using data such as your current floor space allocation, the margins carried by the different products you sell, current customer movement patterns, and customer demand.
Learn more below!
Collection from scratch or existing data set.
In-depth, quantitative analysis of data and its statistical trends.
Results of analysis and accompanying recommendations compiled and reported.
Shown below is an example of the kind of analysis Rehman Analytica can carry out for your retail company. The superimposed bar charts demonstrate the disparity between a hypothetical grocery store’s sales by department and its usage of floor space for those departments, and there are quite a few unmistakable differences between the two charts.
These gaps show the inefficiencies in the grocery store’s floor space allocation, characterized by a trend of over-allocating floor space for departments with fewer sales. This exposition of these possibly otherwise unnoticed problems could inspire improvements including reallocation of floor space to better match sales, altering the floor plan to encourage sales in under-performing departments, or a host of other solutions – the bottom line is that this grocery store now knows how to improve its business, making for happier customers and better filled cash registers!
Feel free to interact with the below visualization to see the numerical differences between sales and floor space in each department!