10 key ways analytics can help advance omnichannel

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Omnichannel retail is a reality. But “true” omnichannel is difficult due to lack of synchronization between the buy side and the sell side. This presentation shares with you 10 key ways data analytics can help retailers achieve omnichannel excellence.

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10 key ways analytics can help advance omnichannel

  1. 1. © 2014 Alteryx, Inc. | Confidential 10 Ways Analytics Help Advance Omnichannel An Excerpt from Alteryx and Retailwire m-Paper “True” Omnichannel: Aligning Marketing and Merchandising Through Analytics
  2. 2. © 2014 Alteryx, Inc. | Confidential Omnichannel Is A Reality 2013 holiday season statistics like 69% American web- rooming and 16.5% surge in online sales on Christmas day alone clearly showed that omnichannel is here to stay!
  3. 3. © 2014 Alteryx, Inc. | Confidential Over 80% of retailers see themselves “behind the curve” when it comes to technological or organizational readiness for omnichannel Source: RIS Omnichannel Readiness, Oct 2013 Are Retailers Ready?
  4. 4. © 2014 Alteryx, Inc. | Confidential Omnichannel can only truly succeed if “buy” and “sell” sides align but even for the retailers that have made an effort, most work is limited to the marketing side “True” Omnichannel Remains Elusive!
  5. 5. © 2014 Alteryx, Inc. | Confidential Data blending and advanced analytics can help retailers gain cross-channel, cross- system visibility to their customer, order status, and inventory data required for omnichannel success Data Analytics As The Linchpin
  6. 6. © 2014 Alteryx, Inc. | Confidential Ten Key Ways Data Analytics Can Advance “True” Omnichannel
  7. 7. © 2014 Alteryx, Inc. | Confidential Easy-to-use data analytics can help business analysts combine all relevant customer data, with cross-channel order mgmt., & inventory systems data -- for one single view -- without any IT intervention! #1:Get One Comprehensive Cross-Channel View of Data
  8. 8. © 2014 Alteryx, Inc. | Confidential #2: Personalize Messaging & Promotions Customers expect personalized messages & promotions, via their preferred channels. With analytics, retailers can gain deeper insights on customers’ preferences to align promotions & delivery channels
  9. 9. © 2014 Alteryx, Inc. | Confidential Analyzing customer data can help isolate the key identifiers of cross-channel customers. Retailers can use these attributes to establish profile of choice customers and target “like” candidates! #3: Target “Like” Customers
  10. 10. © 2014 Alteryx, Inc. | Confidential #4: Optimize The Media Mix Insights into customers' path-to- purchase, social group affinities, etc., can help retailers determine their preferred communication channels. This can be used to align media/ channel buys with target segments
  11. 11. © 2014 Alteryx, Inc. | Confidential Analysis of POS data, inventory movement, & path-to-purchase can help retailers understand customer-channel & product- channel affinities. Use this info to optimize product assortments by channel #5: Align Product Assortments By Channel
  12. 12. © 2014 Alteryx, Inc. | Confidential #6: Monitor/ Plan Demand Using Social Media Social Media is integral to most retailers’ omnichannel Strategy. Monitor consumer sentiment & score the influence of a tweet or online product review with analytics, to better respond to unexpected demand changes
  13. 13. © 2014 Alteryx, Inc. | Confidential Traditionally, DCs are designed to fulfill store demand, online is an after-thought. With analytics, retailers can gain real-time visibility to cross- channel product availability, to fulfill demand seamlessly #7: Stock The Right Inventory
  14. 14. © 2014 Alteryx, Inc. | Confidential #8: Track Order Status Across Channels Combine data from disparate channel-specific order mgmt. systems for a complete view of order pipeline to synchronize demand with promotions and available inventory
  15. 15. © 2014 Alteryx, Inc. | Confidential An analysis of operating expenses — cost of floor space, labor, DCs, transportation, etc.— can help retailers determine the true margins of selling a product through a channel, and optimize decisions on additional discounts, services to offer #9: Assess Cost of Sale
  16. 16. © 2014 Alteryx, Inc. | Confidential #10: Align Pricing Strategies Retailers know well that the “lowest” price is not necessarily the “best” price. Use analytics to calculate optimal pricing based on cost of goods, carrying costs, margin and throughput targets
  17. 17. © 2014 Alteryx, Inc. | Confidential For More Details Download the Complete Paper Or Visit www.Alteryx.com
  18. 18. © 2014 Alteryx, Inc. | Confidential 18 Key Terms • Retail Analytics • Customer Analytics • Omnichannel • Customer Loyalty • Merchandising Planning • Demographic Analysis • Customer Data • Customer Scorecards • Multichannel Analysis • Big Data Analytics • Big Data Analysis • Predictive Analytics • Alteryx • Alteryx Analytics Gallery • Data Blending • Advanced Analytics • Data Artisan • Data Analyst

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