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IA to deploy promo optimisation software at Joann Stores

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

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