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Al-Barkaat Journal of Finance & Management
Year : 2011, Volume : 3, Issue : 2
First page : ( 83) Last page : ( 88)
Print ISSN : 0974-7281. Online ISSN : 2229-4503.

Retail Innovations

Pradeep Neville C., Assistant Professor

PSN College of Engineering and Technology, Perumalpuram (Opp. STC), Tirunelveli.

Email for correspondence: nevillepradeep@gmail.com

Online published on 7 January, 2012.

Abstract

Today's consumer is much more sophisticated and demands a compelling shopping experience. For this the store manager needs to have an in-depth understanding of his/her tastes and purchasing behavior. Data mining can help the manager gain complete insight of consumer buying behavior.

The major strategies followed today by the stores are offers or pricing strategy and visual merchandising, but these strategies can be easily copied and formulated into a better mix by the competitors. The aim of this study is to make use of data mining techniques to improve the effectiveness of marketing and sales tactics using customer data (transactions or billing) already available to the company. Using this information we can segment customers based on buying behavior, explore cross-selling opportunity, Inventory policy planning can be improved and World Wide Web merchant could use it to determine the layout of their catalog and order form.

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Keywords

Consumer buying behavior, Data mining, Inventory policy planning, Visual merchandising.

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