In Target’s most recent quarter, the retail giant reported comparable sales growth of about 10% over the last two years – the best sales performance in over a decade. The company has also now achieved nine straight quarters of comparable-store sales growth, with annual digital sales exceeding 30%. This growth is fueled by a multiyear $7b investment Target made to compete in the evolving retail landscape and to appeal to a new generation of digitally-native consumers. The investment focused on stores, new brands, e-commerce, speedier delivery services and technology.
Meghna Sinha, Target Vice President of Data Sciences, will delve into her statistical test-and-measure approach to help the retailer navigate the many large-scale changes underway. Business transformation efforts are often inter-related, for example, supply chain transformation efforts impact stores, and changes in marketing strategies impact both digital and store sales. Therefore, a good read on the value of each effort is critical. This kind of measurement enables Target to pivot and/or iterate with speed on initiatives across the enterprise.
Join this session to hear how Target is building a test-and-measure culture by focusing on three challenges:
•More data can lead to more confusion. Governance of measurement is critical at large organizations.
•Robust test design requires statistical expertise. Organizations must prioritize hiring and teaching statistical and analytical skills.
•Manual steps should be continuously automated to enable end-to-end automation of testing and measurement.