Home / Knowledge / News / Information Technology / IA to deploy promo optimisation software at Joann Stores

IA to deploy promo optimisation software at Joann Stores

26
May '19
Pic: Joann Stores
Pic: Joann Stores
Joann, a craft and fabric specialty retailer, has partnered with Impact Analytics (IA) to drive incremental EBITDA impact through promo optimisation. IA is deploying its proprietary open-source product Promo$mart at Joann to help category managers analyse historical promos, simulate future scenarios through predictive modeling and generate custom reports.

“Promo$mart will be the one-stop-shop for all promotion management at Joann and will help us transition from a spreadsheet-based workflow to a cloud-based digital application that provides real-time insights,” said Chris DiTullio, SVP stores, operations and chief marketing officer at Joann, in a press release by Joann. “This allows us to eliminate 30-40 per cent of margin-draining promos and to reallocate those dollars to the best performing SKUs and categories. IA’s preliminary consulting work is already increasing margin in our direct mailer campaigns, and with Promo$mart in place, we expect a broader, significant margin impact.”

The heart of the Promo$mart tool is the analytics engine powered by advanced machine learning models built at a SKU level that drive all the insights. The net promo lift is calculated at an overall basket-level as the models capture affinity, cannibalisation, pull forward, halo and other secondary impacts. The tool allows for simulation of multiple promo types like BOGO, % off, $ off, etc making it the most robust SaaS product in the market.

“We are able to collate and harmonise sales and promo data from disparate systems and sources including excel sheets, direct mailers, email, web etc, which is a major pain point for most retailers – we depend on advanced techniques like text mining, image recognition to help in this stage. We are then able to analyse copious amounts of structured and unstructured data using machine learning algorithms to provide real-time insights.”

“The vision of our company has been to drive value to our clients by making AI and ML accessible to them through our best-in-class products. Our SaaS products can connect to any existing database, CRM or inventory platform to make the overall integration process seamless and ensure real-time recommendations,” added Prashant.

Impact Analytics provides advanced analytics and artificial intelligence infused SaaS solutions to leading retailers and business across the globe. Their products are deployed at Fortune 500 and other category leading retailers in North America across big box, specialty and fast growing mall retail as well as leading hospitality, healthcare, insurance and quick service restaurant chains. (PC)

Fibre2Fashion News Desk – India


Must ReadView All

CEMATEX president Fritz P Mayer speaking at the press conference on the opening day of ITMA 2019 in Barcelona

Textiles | On 20th Jun 2019

ITMA 2019 sets record with biggest number of exhibitors

ITMA 2019, which opened today in Barcelona, has set a new milestone...

Pic: GOV.UK

Textiles | On 20th Jun 2019

UK, S Korea sign joint statement for trade continuity

The United Kingdom and South Korea signed a statement recently noting ...

Bangla RMG accessories industry seeks lower corporate tax

Apparel/Garments | On 20th Jun 2019

Bangla RMG accessories industry seeks lower corporate tax

The Bangladesh Garments Accessories and Packaging Manufacturers and...

Interviews View All

DK Sharma, Velocity Apparelz

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Headhonchos, Indian fashion industry

Headhonchos
Indian fashion industry

Organic the first choice of any environment-conscious person

Karin Ekberg, Leadership & Sustainability

Karin Ekberg
Leadership & Sustainability

Sustainable models are beneficial for brands, retailers and manufacturers

Karen Lou,

Karen Lou

Australia-based Sunseeker has been creating swimwear since 1970. Sunseeker ...

Tom Adeyoola,

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

N Nithyanandan,

N Nithyanandan

Incorporated in 1999, Purani Textiless Private Limited is one of the...

Eamonn Tighe, Nature Works LLC

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Marcel Alberts, Eurofibers

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Mohammad Hassan, Biax Fiberfilm

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Mike Hoffman, Gildan Activewear SRL

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Jay Ramrakhiani, Occasions Elegance Wear

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Joe Ikareth, Joe Ikareth

Joe Ikareth
Joe Ikareth

<b>Joe Ikareth</b> has a rock-solid fashion and textiles background, which ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search