18 Ways DynamicAction Can Help Retailers in the Omnichannel World
Top global retailers have told us they need more than being able to look back on “what happened.” They need advanced analytics for retail omnichannel with one view of customers, products and profit to stay ahead in the new retail world. That’s why we’re thrilled to announce the launch of our new Retail Omnichannel and Store features!
There are so many benefits to using DynamicAction — read 24 Questions Every Retailer Should Be Able to Answer for more insight on this — but there are some unique advantages to our Retail Omnichannel features. We built this with the complexity of your retail organization in mind.
Here are the top 18 ways merchandisers use DynamicAction’s Retail Omnichannel features to succeed in today’s competitive landscape.
1. Analyze profitability by segment and by e-commerce, stores, or both combined.
2. Get a true view of profit, including digital marketing costs, pick/pack costs, shipping costs, promotional costs, cancellations and returns. See a holistic view of your entire organization (no more silos!) and how each action or inaction impacts the bottom line.
3. Avoid sending promotions to unprofitable customers — those who have high return rates and/or negative net profit.
4. Encourage the right web-only customers to visit the stores. Measure the impact.
5. Understand the value of customers who buy online; return to store; and then make additional purchases while in-store.
6. Identify web-exclusive products with strong demand signals (sales, views, high value segment purchases, searches) and test them in stores. Measure the results.
7. Identify the websites and stores that generate the most profit by product category, brand, attribute, SKU, and more.
8. Drive cross-sales by looking at e-commerce basket analysis and identifying the best products to reposition. Test and measure.
9. Monitor web demand signals to determine if specific products in particular regions are likely to see a spike in demand. Shift in-store stock accordingly.
10. Analyze your prices versus the competition online and in stores.
11. Explore products that sell well online but not offline (and vice versa), and pivot on this by customer segment.
12. Know what stock should be redistributed to maximize profit.
13. Pinpoint products that have high return rates to the warehouse and to the stores.
14. Identify customers who may appear high value, but are not, given their omnichannel return frequencies. Adjust promotions accordingly for this less-profitable segment.
15. Know which customers buy multiple sizes or colors, keep the winners, and return the rest.
16. Choose which stores are best fit to ship from store. Determine which stores fulfill ship-from-store orders at a low or negative profit.
17. Identify and quantify unshipped orders with no stock or partial stock.
18. Analyze orders that are shipping late and the customer impact, as well as orders that required upgraded shipping to meet delivery promise timing.
You could be using DynamicAction and all the benefits of omnichannel features within months (or less for existing customers).
DynamicAction puts connected data, instant insights and prescribed action plans at your fingertips so you can take immediate, optimized actions that directly impact profit growth. Retail teams know exactly where to focus, what to do, and how much financial impact to expect.
Let’s talk retail! Learn how we can help by contacting us using the form below, or read more on our Why page.