Retailers worldwide lose a staggering $1.75 Trillion each year in lost revenue opportunities.
The typical retailer will lose 11.7% of revenue this year due to the combined impact of overstocks, out-of-stocks and needless returns in their omnichannel operations.
Advanced analytics for retail merchandising success is not wishful thinking. DynamicAction automatically creates an environment where data spanning the organization is scientifically considered using algorithms written by world-class data scientists and retail experts. Our technology identifies disconnects across the data sets and organization, prescribes specific actions to take to solve those disconnects, and prioritizes them by financial impact to your business.
At the intersection of data science and your customer is the merchandising team with experience, intuition, judgement and empathy which remains critical to many core business decisions. But it’s now time to empower them with data driven answers to questions such as: Given inventory levels, conversion, profitability, review ratings, time on site, fragmentation, and competition, for which items do we need to consider a price reduction?
* IHL Group: “Retailers and the Ghost Economy: $1.75 Trillion Reasons to be Afraid.”
** DynamicAction customers’ YoY profit growth, for those with YoY data available, August 2014 over August 2013.
So often, the most challenging aspect of retail success is grasping what happened in the business today, yesterday or last week and understanding exactly why it happened, while simultaneously offering immediate actions to improve performance and customer experience. This is precisely what DynamicAction offers our team.
How will DynamicAction impact me?
DynamicAction focuses on the retail merchandisers’ most pressing needs, while presenting opportunities and analytics that connect multiple organizational roles and departments.
How does DynamicAction compare?
DynamicAction is unique. It is a purpose built, software as a service solution designed by retailers for retailers. It offers retailers out of the box metrics and data connections across their enterprise. Most importantly, it gives retailers not just insight on their connected data, but prescribes the actions they should take, ranks those actions by value to the business, and even manages the workflow as actions are taken. It’s an application that starts with an action backwards approach to ensure the right data is collected and the right questions are asked to produce tangible actions.
It sounds like Business Intelligence…and Big Data Analytics…and Web Analytics…and Personalization Software…and Statistical Software…and Task Management Software… and Prescriptive Analytics. Well, yes, actually. It is all of that and more.