The application of analytics in Retail is vast and has a broad range. At various stages of the entire retail operation, data analytics plays important roles. It can help in identifying potential customers based on their past purchases, finding the most appropriate way to handle them via targeted marketing strategies and then deciding what the next offering should be.
Also, it can help in demand and sales forecasting at various granularity which helps in formulating strategy for the organizations. Other important decisions such as optimisation of price for different SKUs, product affinity, inventory management, etc. are also important areas where a data-driven approach can help the retail firms.