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The use of data analytics for management decision–making in retail

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  • V. P. Makarov

Abstract

The use of data analytics in retail is a key factor for making effective management decisions aimed at increasing competitiveness and optimizing business processes. Modern analytics methods allow companies to better understand customer needs, predict demand, optimize pricing and improve operational activities. The article discusses various analytics approaches and tools, such as predictive analytics, machine learning, and CRM systems, which are used to analyze customer data, sales, and the effectiveness of marketing campaigns. Special attention is paid to examples of successful application of analytics in companies such as HIPPO, Euroopt and Santa Retail, which demonstrates the importance of using data for strategic planning and improving operational efficiency. The results show that data analytics contributes to improved inventory management, increased customer loyalty, and increased sales.

Suggested Citation

  • V. P. Makarov, 2024. "The use of data analytics for management decision–making in retail," Scientific notes of the Russian academy of entrepreneurship, JSC “Publishing Agency “Science and Educationâ€, vol. 23(3).
    • Handle: RePEc:cvt:journl:y:2024:id:1055
    DOI: 10.24182/2073-6258-2024-23-3-57-64
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