Analytics for Retail : A Step-by-Step Guide to the Statistics Behind a Successful Retail Business

Examine select retail business scenarios to learn basic mathematics, as well as probability and statistics required to analyze big data. This book focuses on useful and imperative applied analytics needed to build a retail business and explains mathematical concepts essential for decision making and communication in retail business environments. 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. You'll 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 You'll Learn Review standard statistical concepts to enhance your understanding of retail data Understand the concepts of markups, markdowns and profit margins, and probability Conduct an A/B testing email campaign with all the relevant analytics calculated and explained Who This Book Is For 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. Front Matter 1. The Basics of Statistics 2. The Normal Curve 3. Probability and Percentages, and Their Practical Business Uses 4. Retail Math: Basic, Inventory/Stock, and Growth Metrics 5. Financial Ratios 6. Using Frequencies and Percentages to Create Stories from Charts 7. Hypothesis Testing and Interpretation of Results 8. Pearson Correlation and Using the Excel Linear Trend Equation and Excel Regression Output 9. Independent T-Test 10. Putting It All Together: An Email Campaign 11. Forecasting: Planning for Future Scenarios 12. Epilogue Back Matter