Analytics in Retail over the past couple of decades has grown from better predictions to better decisions.
This evolution has been both motivated and enabled by the confluence of three factors:
- The ability to ingest and process formidable amounts of data
- The availability of increasingly sophisticated algorithms
- The cut-throat pursuit of profitability and market share
In the Retail industry necessity is truly the mother of invention, where increased profitability has been the reward for the more technology savvy retailer which have adopted the right science in the right places, at the right time.