Data-Driven Retailing
About the project
This project aims to collect and create knowledge to improve evidence-based decision making in retail. Challenges faced by practice are a starting point, and the goal is to provide solutions that have both academic rigor, as well as being useful in practice.
The main cornerstones of the project are:
The course for retail professionals organized at Ghent university
The data-driven retailing book
More initiatives coming soon!
Course dates available now!
Focus domains
Pricing
Data-driven price setting is generally considered to be more accurate and effective than relying on intuition or rules of thumb because it is based on facts, rather than subjective opinions or generalizations. By analyzing data such as sales and market data, retailers can make more informed decisions about the appropriate price for a product.
Purchasing
Often considered to be the golden grail of retailing. While much of what retailers do is trying to compensate for mistakes in purchasing, all these stopgap solutions can - in theory - be avoided by optimizing the product collection.
Inventory management and product returns
As a retailer, products need to get where customers want to buy them - in time and in the right quantities. Also, the steadily increasing volume of returned products is posing a real challenge for many retailers. Dealing with this has a major impact on profitability.
“In theory there is no difference between theory and practice,
in practice there is.”
– Yogi Berra
Get in Touch
If you have an idea or want to know more let us know!