The New Science of Retailing

A big part of why we selected this book to review is the use of customer segmentation and analytics. Both authors show a desire to establish a sense of personalization within a store in order to cater to the consumer. The book recommends putting people first when making business decisions and making decisions that are companywide so that all employees are in alignment when it comes to new policies. Though not directly talking about store operations, the book also stresses how flexibility is key to a successful business. There is also a great deal of case studies and realistic examples of how improvements can benefit the businesses involved. Overall, the book talks about concepts that would allow businesses to innovate the experience and operations side of their industry.

The New Science of Retailing is a very convoluted book that does not target a specific audience. Written for retailing, there is not a single voice that would make it suited for executives, analysts, or management teams. Also, the book tends to emphasize the optimization of the supply chain and reduction of costs rather than focusing on customers or the experience. Many of the decisions are focused on changing the business at the store level and maximizing the efficiency of the operations. Mass Customization by Joseph Pine II is a much better example of how to customize a store’s offerings and tailor to the individual rather than focusing solely upon the store. This book really is lacking in terms of marketability due to its heavy emphasis on retail, and even then the concepts are not novel. Many of their ideas cannot be applied at the store level, nor is their focus on sales history applicable in all circumstances. The book does have points that are reputable, but not always valid or even proven in a variety of cases. Without any sort of carryover into other industries, this book really is too one-sided to be of use to those who are not retailers.

Retailers today are drowning in data but lacking in insight: They have huge volumes of information at their disposal. But they’re unsure of how to sort through it and use it to make smart decisions. The result? They’re struggling with profit-sapping supply chain problems including stock-outs, overstock, and discounting.

It doesn’t have to be that way. In The New Science of Retailing, supply chain experts Marshall Fisher and Ananth Raman explain how to use analytics to better manage your inventory for faster turns, fewer discounted offerings, and fatter profit margins.

Featuring case studies of retailing exemplars from around the world, this practical new book shows you how to:

• Mine your sales data to identify “homerun” products you’re missing
• Reinvent your forecasting and pricing strategies
• Build end-to-end agility into your supply chain
• Establish incentives that align your supply chain partners behind shared objectives
• Extract maximum value from technologies such as point-of-sale scanners and customer loyalty cards

Highly readable and compelling, The New Science of Retailing is your playbook for turning all that data into a wellspring for new profits and unprecedented efficiency.

This book is solely aimed at retailers and those who deal with product-based businesses, limiting its versatility for application in other industries. Primarily, it covers topics that deal with optimization and utilization of technology and supply chain management, making this a book for those who have at least mid-level management control. Supply chain managers would benefit the most, but other specialties may be left confused.