Precision Retailing: Driving Results with Behavioral Insights and Data Analytics

Precision Retailing: Driving Results with Behavioral Insights and Data Analytics

Precision Retailing: Driving Results with Behavioral Insights and Data Analytics

Precision Retailing: Driving Results with Behavioral Insights and Data Analytics


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Without a doubt, the COVID-19 era has forced the retail sector to rethink the way it conducts business. Customer experience has largely shifted into the digital realm, and questions have emerged about how to best optimize and evolve business operations in light of this change.

Drawing on a host of expert contributors, Precision Retailing takes a broad perspective on precision retailing as the interaction point between individuals and the organizations, institutions, systems, and policies that support them in ever-changing contexts. The book assembles precision retailing key concepts, methods, and tools that complement existing behavioral research. The decision support tools will help managers better capture in real time the multiscale drivers of consumer behavior and successfully integrate these into their retail strategy and tactics. Each chapter includes a short strategic brief for successful human-centered digital transformation that focuses squarely on actionable insights for practitioners. Shedding light on the way we understand and handle this complex customer journey, Precision Retailing examines how retail will evolve in the post-COVID era, shaping how businesses meet the inevitable continuation of the digital transition.

Product Details

ISBN-13: 9781487542719
Publisher: University of Toronto Press
Publication date: 02/16/2024
Series: Behaviorally Informed Organizations
Pages: 368
Product dimensions: 6.00(w) x 9.00(h) x 1.00(d)

About the Author

Laurette Dubé is a professor of marketing, James McGill Chair of Consumer and Lifestyle Psychology and Marketing, and Chair and Scientific Director at the Centre for the Convergence of Health and Economics at McGill University.
Maxime C. Cohen is the Scale AI Chair Professor of Retail and Operations Management and Director of Research at McGill University.
Nathan Yang is an assistant professor of marketing at the Cornell Dyson School of Applied Economics and Management at Cornell University.
Bassem Monla is the Practice Leader for Data, Analytics, and AI at IBM/LGS Quebec and a professor of practice for AI and advanced analytics in the Desautels Faculty of Management at McGill University.

Table of Contents


Part 1. From Behavioral Insights to Precision Consumer Research

1 Evolving Traditional Journey Maps
Kelly Peters

2 Genetic Data for Precision Retail: Applications and Challenges
Remi Daviet and Gideon Nave

3 Neuroscience Methods, Neuroforecasting, and Digital Media Impact
Bruce Dore and Gina Kemp

4 Unlocking Unconscious Truths: Adapting Linguistics, Semiotics, and Evidence-Based Behavioral Modeling to Inform Corporate Strategy and Brand
Joanna Castellano, Matthew E.C. Bourkas, and Chris McCarthy

5 Rethinking Human Centric Design in the Age of AI and Humans as Data
Felipe Almeida and Chloe Benaroya

Part 2. Weaving Behavioral and Precision Consumer Research into Marketing and Retail Strategy

6 Personalized Retailing: A State-of-Theory & State-of-Practice-Review
Murali Mantrala and Arun Shastri

7 How Resource Scarcity Shapes Consumer Behavior: Implications from the COVID-19 Pandemic
Caroline Roux, Christopher Cannon, and Kelly Goldsmith

8 Interface Designs for Evolving Consumers and Retail Contexts
Kyle Murray and Tim Derksen

9 Real Time Analytics
Prasad Naik, Oliver Rubel, and Harpreet Singh

Part 3. Data Analytics and Machine Learning for Retail Strategy Decision Making

10 The Promotion Planning Optimization Problem with Bounded Memory Demand Models
Tamar Cohen-Hillel and Georgia Perakis

11 Retail Markdown Optimization under Demand Parameter Uncertainty
Andrew Vakhutinsky

12 Censored Demand Estimation of Choice Models for Omnichannel Pricing
Pavithra Harsha and Shivaram Subramanian

13 Consumer Lifetime Value and Fund Transfer Pricing (FTP)
Meisam Soltani-koopa, Hootan Kamran Habibkhani, Mikhail Nediak, Anton Ovchinnikov, Moiz Ali, and Henry Martinez

Part 4. Retail Channels as Part of Business and Society Ecosystem in Moving toward Adaptive Behavior and Context

14 Risk, Reward, and Uncertainty in Buyer-Seller Transaction: Combining the Seller’s View Posted Prices and Auctions
Radosveta Ivanova-Stenzel and Sabine Kröger

15 Participative Pricing in B2B Markets
John J. Han and Ernan Haruvy

16 Retail Supply Chains: The Growing Importance of Technology and Supply Chain Standards for Enhancing Efficiency, Visibility, Transparency, and Trust at the Digital-Physical B2B System Interface
John Keogh, Ricardo Filipe Ramos, Juan Marcelo Gómez, and Abderahman Rejeb

17 New Models in Digital-Physical Retail Processes and Systems to Create and Capture Business and Stakeholder Value
Carl Boutet

18 The "Giant Leap Methodology": How to Chart a Course to the Moon without Being Pulled Down by the Operational, Financial, and Reputational Risks of Rapid Innovation
Melaina Vinski


What People are Saying About This

Wardah Malik

Precision Retailing is essential reading for anyone seeking to navigate the complexities of consumer behavior in a fast-changing world. The book considers the myriad behavioral, technological, and economic factors that shape how consumers make choices and shows how retailers can formulate evidence-based strategy that incorporates emergent technology. Spanning a unique mixture of interdisciplinary, in-depth research and actionable advice for practitioners, this book offers both insight and a path to action.”

Helen HaeEun Chun

“Impressive in both depth and breadth, this book marks another breakthrough in the Behaviourally Informed Organizations series by bridging behavioral insights with cutting-edge technologies and advanced analytics. It is an essential read for individuals and organizations seeking to transform the evolving physical-digital retail landscape and foster sustainable societal growth.”

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