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What are the challenges with getting insights from your retail data?

What is the problem

Retailers have a lot of data. In today’s omnichannel landscape, the amount of data produced is expanding at an exponential rate.  A retailer’s ability to efficiently and completely capture data, effectively analyze, and quickly act will serve as a competitive advantage today and into the future.

What is buried in all that data? Think of all the types of data you have on each customer, including the customer’s gender, age, web traffic behavior, total spend, buying segment, location, any purchased or viewed product SKUs, in-store vs online buying behavior, and length of time as a customer — just to name a few.

Can you analyze all that data to increase sales? Many retailers aren’t prepared to address this challenge:

  1. According to Business Insider, 62% of Retail digital disruptors believe that quickly responding to changing consumer behavior impacts their bottom-line
  2. But only 15% of Retail industry leaders are able to respond to these changes in their current operating models

“Our luxury marketplace generates a lot of data and Outlier helps us cut through the noise.  With a simple set up and no training required, Outlier insights help The RealReal monitor all aspects of the customer journey.”

Marc Viale
Chief Marketing Officer, The Real Real 

“The notifications are really helpful, it’s been validating or making me question more what I’ve heard from the team. This morning I was excited to go look for my Outlier.” 

Operations Executive, Tasty Consumer Baked Goods Brand

How do we solve it

  • Uncover data insights that enable me to optimize the inventory and sales relationship
  • Gain competitive advantage through early detection of category, segment, customer and product trends
  • Maximize customer marketing investment with a robust understanding and actionable insights throughout the customer journey
  • Develop a complete understanding of business drivers by uncovering data relationships that are material to my results

Outlier uncovered an insight for online marketplace, Lyst, which led them to discover an over 60% decrease in partner inventory before it impacted sales.

Attend our retail webinar with industry experts

Outlier Discovers a Broken Relationship for a Fortune 500 Retailer

2020 Retail & CPG Customer Behavior Survey

There are dozens of findings to this survey and we’ve highlighted the top ones.

 

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Webinar: How Macy’s Uses Data to Breakdown Silos Quickly

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