A DIY retailer, for instance, has the potential to increase its sales revenue by 1 – 2% annually with price elasticity of demand application.
Meeting customers’ needs is essential for a retailer wellbeing. A retail business failing to do so will be simply pushed out of the market, soon or later. Some retailers rely on their gut feeling but as data analytics experts, we are perfectly familiar with Arthur Conan Doyle who once said, “It is a capital mistake to theorize before one has data”.