Recognizing trends along assortment with analytics

Short description

With its large volumes of data, retail is an ideal field of application for analytics and data-based management. In order to secure and expand market share, it is important to stringently process data volumes that have often not been fully utilised for efficient management.

As a holistic structure is lengthy and complex, we recommend introducing data-based management into the company step by step. With the help of analytics and artificial intelligence, we use, for example, sales figures to recognise trends in the product range as a simple, quick and effective component. By automatically recognising trend changes and deriving information on product range management from this, management can exploit sales and margin potential and reduce stock levels.

How can the trends of tomorrow be recognised? Which forecasting and analysis methods support management in controlling them? Our colleagues Sjard Hammer and Dr Rainer Gerdemann provide valuable insights in this white paper.