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.
SEMINAR ONE: Internal Analysis
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.
SEMINAR TWO: Promotions Management
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.
SEMINAR THREE: Loyalty
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.
SEMINAR FOUR: Inventory
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.
SEMINAR FIVE: Customers
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.
