Retail Revenue Management; Merchandise; Elasticity
Recent advances in data collection technology and computing power yield opportunities to apply robust analytical methods to retail. Additional profitability can be obtained by leveraging data-mining techniques and optimization models to decisions that have heretofore been based heavily on experiential understanding. Scientific methods can be applied to the revenue-driving areas of merchandise such as assortment, pricing, placement, and promotion to obtain further insight and make more precise decisions.
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