Rhoda Okunev - Analytics for Retail: A Step-by-Step Guide to the Statistics Behind a Successful Retail Business
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- Book:Analytics for Retail: A Step-by-Step Guide to the Statistics Behind a Successful Retail Business
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Analytics for Retail: A Step-by-Step Guide to the Statistics Behind a Successful Retail Business: summary, description and annotation
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Everyone is a buyer or seller of products these days whether through a physical department store, Amazon, or their own business website. This book is a step-by-step guide to understanding and managing the mechanics of markups, markdowns, and basic statistics, math and computers that will help in your retail business. Youll tackle what to do with data once it is has accumulated and see how to arrange the data using descriptive statistics, primarily means, median, and mode, and then how to read the corresponding charts and graphs.
Analytics for Retail is your path to creating visual representations that powerfully communicate information and drive decisions. What Youll Learn
This is a primer book for anyone in the field of retail that needs to learn or refresh their skills or for a reader who wants to move in their company to a more analytical position.
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This Apress imprint is published by the registered company APress Media, LLC, part of Springer Nature.
The registered company address is: 1 New York Plaza, New York, NY 10004, U.S.A.
If you are an entrepreneur, creator, store owner, or retailer, and you know the products youre selling are stunning and breathtaking, and the brand value your store stands for is extraordinary and relevant, this book can help you maximize your impact using retail analytics. Businesses are expensive to run and costly to manage. You have worked hard to develop and market the products you are selling and to maintain your astute business practices. If the uneasiness of not knowing and not understanding the business analysis tools that could propel your company to the next level is preventing you from moving to the next creative stage to further your career and your companys success, then let this book be your step-by-step practical guide.
This book will help you choose the appropriate path for your company to follow to lead your business to the next level. The spreadsheets in Appendixes AC (covering accounting, e-mail, and forecasting) are designed to trigger the right business questions to ask and show how to use basic tools of fundamental mathematics, retail math, business metrics, and financial ratios. They are specific to Chapters .
Business-related probability and proportion questions of markup, markdown, and profit margin are included. In addition, the book will give you the understanding for the need-to-know normal curve and its relevance and importance in statistical methods. It is essential to know how to use these techniques and know how to determine statistical significance so that imperative aspects of your company can be brought to life with relevant ideas and charts. This book will guide you as to how to put it all together as well. Lastly, this book will further that understanding with strategies of forecasting techniques so that tomorrow you will also have the fundamental knowledge and acumen to know where to take your company and how to differentiate it from similar businesses.
Any source code or other supplementary material referenced by the author in this book is available to readers on the Github repository: https://github.com/Apress/-Analytics-for-Retail. For more detailed information, please visit www.apress.com/source-code.
is an associate in professional studies at Columbia Universitys School of Applied Analytics department. Rhoda teaches math and statistics at Nova Southeastern University. Rhoda taught at the Fashion Institute of Technology Continuing Education department in the Retail Analytics department where she created her own Applied Analytics course. She also taught math and statistics at the Fashion Institute of Technology in New York.
Rhoda has a masters in mathematics from the Courant Institute at New York University, a masters in Biostatistics from Columbia University, and a masters in Psychology from Yeshiva University. She also has an advanced certification in finance from Fordham University. Rhoda has worked in portfolio management and market risk for more than 10 years at a rating agency, clearinghouse, and bank. Rhoda has also extensive experience in research and statistical programming at Harvard University, Massachusetts General Hospital, Columbia Presbyterian Hospital, Cornell Medical Center, Massachusetts Department of Public Health, and Emblem Health (HIP).
is an expert digital marketer, brand manager, and e-commerce professional with more than 20 years of business management experience ranging from small businesses to Fortune 100 companies. She completed a masters in business administration focusing on entrepreneurial finance at NYU Stern Langone School of Business and undergraduate studies at Tulane University. Yvahn has also proudly served for more than a decade on the governing board of Urban Bush Women dance company.
Clear and concise business questions need to be formulated prior to developing a hypothesis and conducting statistics for an online promotion or investigation of some sort. The variables that are collected should be organized in such a way as to answer those business questions, and the statistical techniques that will be used should be known beforehand so that the data to answer the business questions are at hand. Data is just a bunch of numbers until the data is cleaned, organized, and arranged. This part is so essential and much overlooked. Without understanding the basic descriptive statistics and how the middle of the data should look, as well as knowing where the endpoints or tails of your data are and how large the error rate is in the data, a true analysis cannot be done accurately. Once the data is rigorously scoured and reviewed, it can, at least, start to tell a clear and consistent message to a targeted audience. That storys journey starts to develop with a clear and understandable business question. With the use of the appropriate statistical analysis and its significant results, and with charts to emphasize the main takeaway to get the points across simply and clearly, the essential and pertinent findings that need to be described will come to life. These findings, which are found from a business question, are the essence of the journey that will help a company realize their direction, purpose, and potential.
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