A consumer decision tree plays an integral role in allowing you to learn more about how your customers shop in your store. You can also use them to unde[...]
Consumers are reshaping the market with their ever-changing preferences and buying behaviours, highlighting the need for a technological overhaul in the retail industry, points out McKinsey. Meanwhile[...]
Segmenting your consumers based on dynamic purchasing behaviour involves effective behavioral clustering that you can use to understand and target your shoppers more effectively. You can also collect,[...]
DotActiv’s new cluster optimization feature is almost here and will allow you to create clusters for your business, tailored to your market environment. This software and service package was designed [...]
Clustering forms part of data mining, which analyses data and transforms it into information that you can understand and use in your retail business. This practice aims to help you to retrieve informa[...]
The current COVID-19 pandemic has caused unprecedented disruption to the world economy and supply chain and has changed how your consumers live, shop and spend their money. Online sales have exploded,[...]
You can use cluster mapping to help your business understand the geographic spread of your clusters in relation to your cluster input variables and the external environment. This practice gives you in[...]
Clustering is a function of category management which you can use to facilitate end-to-end solutions. You can also use cluster analysis to group your retail data and understand the similarities betwee[...]
As far as effective methods to segment your retail data go, hierarchical clustering is one worth considering. It’s simple and easy to use. It also provides an edge over the k-means algorithm as you do[...]
K-means clustering is an unsupervised algorithm which you can use to organise large amounts of retail data to generate competitive insights about your business. There are many use cases which can help[...]
As a retailer, you can use cluster profiling to describe your segmented customers based on the inputs you used for cluster analysis. You can use this information to develop product assortments and mar[...]
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