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US retailers using big data boost profits
22
Jan '16
Retailers in the US, struggled with overstocks, revenue, profitability and customer experience during the 2015 holiday shopping season, with the National Retail Foundation (NRF) reporting retail sales rising at a mere 3 per cent. However, there were some retail champions this season, who used the power of connected, actionable data to vastly outperform their peers.

In its Holiday Retail Index 2015, an analysis of more than $5 Billion in consumer transactions during the holiday 2015-2016 DynamicAction, a Silicon Valley-based prescriptive analytics solution company, has observed that profit increased 27 per cent faster than revenue, which saw an 11 per cent spike for its retail clients who used prescriptive analytics to connect data across merchandising, marketing, operations and finance.

By better balancing merchandising and marketing efforts, these same retailers increased profit per view by 16.7 per cent over 2014 during the entire holiday season.

DynamicAction retail clients increased return on capital by 12 per cent since the week of Black Friday, versus that time period in 2014.

They carried fewer sizes, colours and styles per product with SKU availability down 9.4% the entire holiday season compared to 2014 (October 17-Jan 9, 2014)

They featured and marketed products that they could actually sell, with inventory not sold down 18.6 per cent since the week of Black Friday (versus 2014), and down 20.4 per cent the entire holiday season.

According to the Holiday Retail Index 2015, DynamicAction's retail clients also lived up to the promises they made their customers, shipping their holiday gifts on time and offering a better experience when customers were shopping online. Between the week of Black Friday and early January, late-to-ship packages were down 37.8 per cent versus the year before. These retailers also had a 5 per cent higher rate of being in stock for the items that site visitors were actually looking for since Black Friday, measuring a metric called views availability. (SH)

Fibre2Fashion News Desk - India

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