Retail Analytics: Consumer Insights & Business Strategies in the Digital Revolution

14th March 2023, 11:00 – 11:45 CET

One of the single most important challenges for retailers is to know what your customers wants before they do. When shaping retail strategies, setting business goals, and making key decisions, customer data and insights are essential to really understand how consumers behave. However, on its own, data is worthless and does not provide any business value if it’s not analyzed. If done right, customer data analysis can give you valuable information that drives your business forward. The bottom line is; collect the data you need from your customers – and make sure you analyze and understand what it means in order to take smart business decisions.

In this 90Minutes Episode, we will explore different approaches to consumer analytics and how data and psychology can help retailers thrive in a highly complex and competitive environment. Learn more about predictive analytics and why retailers need a Chief Psychology Officer.

Hosted by:

Megan Sun
Head of Analytics / Girls in Tech 40 Under 40, Wayfair
Zana Busby
Business Psychologist, Speaker & Author, Retail Reflections

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DATA DIVE
AI-Driven Retail: Boosting Business Growth with Predictive Analytics and Data
Megan Sun, Head of Analytics / Girls in Tech 40 Under 40, Wayfair

In the quest to give customers what they want, retailers are increasingly turning to artificial intelligence. To drive the company forward, retailers need to equip its employees with the best and most relevant information possible. With the right information, we can generate futuristic insights such as potential sales, industry activity and consumer trends. If we have historical data on how our consumers behave, how do we use it to predict what will happen in the future?

Join Megan Sun in this session and learn more about how retailers can track data and where they should use the data to support growth. Megan will share insights on how use cases can help retailers forecast behaviors and how different teams are affected by changed made based on data.

  • Utilizing business cases to predict consumer behaviors
  • Influencing how teams work with use cases
  • Continuing the communication after implementing changes
DATA DIVE
CHANGE CHAT
Behavioral Analysis: Why Do Retailers Need a Chief Psychology Officer?
Zana Busby, Business Psychologist, Speaker & Author, Retail Reflections

Knowing your customers and having a real understanding of the ever-evolving behaviors is key for every retail organization. At the heart of the digital transformation, retailers have adapted to technology, using the vast amounts of user-generated data to guide business decisions and innovation. However, human behavior is complex and nuanced and data can only provide a part of the story. In addition to that, it is more important than ever to understand your employees and meet their needs. By involving a professional who knows about behaviors, attitudes, and brain processes, nearly all business processes can be improved and optimized.

Join a psychologist in this session to explore consumer and employee behaviors based on cognitive-behavioral science. Learn more about how retailers can create a real understanding of how customers behave and how to create a workplace where people want to stay.

  • What have been the drivers leading to the creation of the CPO role?
  • How can the application of behavioral science help retailers identify business goals and challenges?
  • How can one better understand physiological needs to ensure employee well-being?
CHANGE CHAT

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