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How retail analytics help monitor big box stores performance

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In this webinar, we show how Retail Analytics is helping stores identify best business practices through geospatial to strengthen performance.

Watch the recorded webinar at https://go.carto.com/webinars/retail-analytics-recorded

Published in: Technology
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How retail analytics help monitor big box stores performance

  1. 1. How Retail Analytics help monitor big-box stores performance FOLLOW @CARTO ON TWITTER Why spatial is different and using spatial modeling to advance your business
  2. 2. CARTO — Turn Location Data into Business Outcomes Introductions Matt Forrest Director of Spatial Data Science Steve Isaac Content Marketing Manager
  3. 3. The story of retail is a story of innovation
  4. 4. CARTO — Turn Location Data into Business Outcomes
  5. 5. CARTO — Turn Location Data into Business Outcomes
  6. 6. CARTO — Turn Location Data into Business Outcomes Toys ‘R’ Us Says It Will Close or Sell All U.S. Stores Payless Shoes to Shut All U.S. Stores and Wind Down Online Operation
  7. 7. CARTO — Turn Location Data into Business Outcomes The focus has been on collapse, but we should focus on innovations taking place
  8. 8. Spatial Data Science for RetailSpatial Data Science for Retail The difference between knowing where and knowing why
  9. 9. Spatial Data Science for RetailSpatial Data Science for Retail Where Where are locations that are under or overperforming? Why Can we predict where successful locations should be located and the factors that contribute to performance?
  10. 10. Spatial Data Science for RetailSpatial Data Science for Retail Where Where are locations that are under or overperforming? You are using a BI platform Why Can we predict where successful locations should be located and the factors that contribute to performance? You need to be using an LI platform
  11. 11. Spatial Data Science for RetailSpatial Data Science for Retail Chicago ● High Performing Store ● 50 Parking Spaces ● New Model ● High Density ● High Income $80,000 Weekly Revenue Atlanta ● High Performing Store ● 50 Parking Spaces ● New Model ● High Density ● High Income $100,000 Weekly Revenue
  12. 12. The way we have been taught to practice spatial analysis is perfectly suited for a world that no longer exists Spatial Data Science for Retail
  13. 13. CARTO — Turn Location Data into Business Outcomes “Just 8.9 percent of retail sales in the United States last year were made online — including Amazon. Said differently, 91.1 percent of the $5.7 trillion consumers spent at retailers last year still passed through brick-and-mortar locations.” Joel Bines and David Dassum, New York Times (April 13, 2018)
  14. 14. CARTO — Turn Location Data into Business Outcomes
  15. 15. CARTO — Turn Location Data into Business Outcomes Innovations in spatial data science can help power innovations for retail strategy
  16. 16. CARTO — Turn Location Data into Business Outcomes What if we can enable retailers to use the best practices in spatial data science to run their business?
  17. 17. CARTO — Turn Location Data into Business Outcomes What are the key business questions we can answer using Spatial Data Science?
  18. 18. CARTO — Turn Location Data into Business Outcomes ➔ Who are the customers in my stores trade area? ➔ What factors drive under and over performing stores? ➔ How can I create a predictive forecast for my store locations? ➔ Who is shopping in my stores? ➔ What areas are best suited for a new store? ➔ How well can a new store perform?
  19. 19. CARTO — Turn Location Data into Business Outcomes
  20. 20. CARTO — Turn Location Data into Business Outcomes ● Trade Area Definitions ● Market Analysis ● Performance ● Forecasting ● Customer Profiles ● Compare ● Whitespace ● Forecast New Location ● Location Feature Impacts
  21. 21. CARTO — Turn Location Data into Business Outcomes Market Analysis The core function of this analysis is to enrich trade areas with relevant geospatial data. This could include: ● Demographics ● Spend ● Traffic ● Mobility ● Points of Interest
  22. 22. CARTO — Turn Location Data into Business Outcomes Performance Understand the features that correlate or anti-correlate to store performance to learn what factors drive store performance.
  23. 23. CARTO — Turn Location Data into Business Outcomes Customer Profiles Look at consumer profiles for customers that are within your trade area, and find where more of those customers are.
  24. 24. CARTO — Turn Location Data into Business Outcomes Forecast The core function of forecasting is to run a predictive model, where the features can actively be changed by the user to test different variables and their impact on the revenue forecast.
  25. 25. Thanks for listening! Any questions? Request a demo at CARTO.COM Steve Isaac Content Marketing Manager //sisaac@carto.com Matt Forrest Director of Spatial Data Science // matt@carto.com

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