New technology is giving retailers the potential to harness insights into their consumers, deeper than ever before. However, a constant deluge of new information and lack of fundamental training are two key factors contributing to slow adaption from the retail industry.
The NRA recognises how important it is for retailers to know what data is available, how to harness this information and how to use the information to determine actionable insights.
The TECHNOLOGY IN RETAIL – Data Analytics project seeks to address this disconnect and provide retailers with the skills needed to become digital strategists and innovators. We aim to do this through a series of workshops, webinars and one on one mentoring sessions. These planned activities will be free for Queensland business owners.
Equipped with the right information and insights, retailers can concentrate their time and energy on current and prospective customers.
Proudly funded by the Queensland Government through the Training in Emerging and Innovative Industries Fund.
Do you want to attract new customers and deliver a sensational customer experience?
The use of technology in retail can help improve your business, however many retailers are unsure where to start or how to spend their money for the best return on investment.
This workshop is free for Queensland businesses and will give you the digital skills to help grow your business through the use of real-time data analytics. Plus, you will leave the workshop armed with your own ready-to-go digital action plan.
- Current digital trends and how they impact your business
- How to use data for better business decision making
- Tips for using online analytic tools to track your business performance
- How to improve your online presence and online experience
Retailers and business owners in general can be very time poor, however there is always a need for quality information to assist in growing and strengthening your business. We have compiled some great short webinars that will set you on the right track to improve your understanding of technology and data usage in the retail sector.
In this first seminar Associate Professor Gary Mortimer, from QUT Business School, discusses the types of data that businesses should be capturing and track when conducting an internal analysis. Professor Mortimer walks you through the balanced score card approach where you collect not just financial data but also customer, employee and internal processes data. A strong internal analysis can help answer questions such as whether to launch a new product or service, enter a new market or determine whether the business has sufficient assets and resources to grow.
The second seminar will outline a variety of retail promotional techniques and the types of data to capture and track when analysing your business’ promotional activities. Professor Mortimer gives you the tools to achieve successful and profitable promotion by stepping through techniques such as bundling and percentages. Stepping through the different wants and priorities of buyers, this seminar will help you choose the correct promotional strategy for your target market.
This next seminar will cover the differences between loyalty, reward and incentive schemes, the aims of these programs and emerging trends in relation to loyalty. When looking to implement one of these schemes Professor Mortimer discusses the importance of considering structural difference between a linear versus hierarchical structure. Further, he discusses the significance of behavioural and attitudinal loyalty.
The fourth seminar in the program focuses on inventory management practices and emerging trends. Inventory is the biggest cost to retailers and accordingly it is an important area to be on top of. Professor Mortimer calls inventory management a balancing act and runs you through some of the challenges you may face such as limiting waste and predicting demand. The seminar also discusses the different costs involved with inventory such as holding, handling and insurance costs.
The final seminar looks at approaches to segmenting your market using customer data. Segmenting your market helps to develop a deeper understanding of customers and identify unmet needs. Professor Mortimer discusses how once these needs have been identified they can present opportunities for growth. He goes on to discuss customer heterogeneity such as buying capacity, preferences and habits and goes into detail about where to find data on your local area to help further segment.
New technology is giving retailers the potential to harness insights into their consumers, deeper than ever before. However a constant deluge of new information and lack of fundamental training are two key factors contributing to slow adaption of the retail industry.
Register your expression of interest to receive a free scoping and mentoring session with one of our experts. You will be provided with a detailed report outlining recommendations for changes and improvements.
Meet the experts
If you meet the following criteria and would like to receive a free mentoring session register your interest below:
- Own a retail or quick service business
- The business is based in Queensland
- The applicant is over 15 years old, not at school and lives in Queensland
- The applicant is an Australian citizen or permanent resident (includes humanitarian entrant), or temporary resident with the necessary visa and work permits on the pathway to permanent residence, or a New Zealand citizen.