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Wednesday, August 17, 2011

New Science of Retailing

Wharton Prof Marshall Fisher discusses his recently published book:  The New Science of Retailing.  I have read the book, and have reviewed and mentioned it in this blog a number of times, highly recommended.  Here he emphasises the key issue of what data is required to make decisions.   This post nicely summarizes what I worked on for most of my early career.

" ... In today's economy, retailers are hard pressed to increase revenues. Among the biggest challenges they face is matching supply with demand. In The New Science of Retailing: How Analytics Are Transforming the Supply Chain and Improving Performance, Wharton professor Marshall Fisher and co-author Ananth Raman argue that retailers have the data they need to manage supply chains more efficiently and increase sales and profits. Knowledge@Wharton spoke with Fisher about what types of data are most important for retailers to collect, how they can use this information to identify home-run products and why the retailing industry might be missing as much as one-third of potential sales ... "

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