Virginia Beach Retail Roundtable August 26, 2010

Join fellow retailers for an educational meeting. Excellent opportunity to network and share knowledge with local business owners.

Topic of Discussion: "Retail Analytics for Dummies - The Logic Behind the Facts"
Speaker: Zachary A. Smith, Analytical Strategist

Most retailers have started implementing analytics inside their stores. The stores actually keep a database of the actual buying behavior of the consumer. Analytics include study of consumer behavior, analyzing the transactional data and predictive modeling. Initially the retailers track their prime consumers, their lifestyle, locations, social and economic background. From the transactional data the retailers plans to move from one area to another to maximize their sales. The toughest and the critical one is the predictive modeling. Retailers can get an idea of how consumers upgrade their purchase behavior. As the lifestyle changes the consumers interests also changes. Retailers can decide where to setup their future stores depending upon the future lifestyle of consumers in a catchment area. It is very important to place the right product at the right time in the right store.

Official Website: http://www.facebook.com/retailalliance