What were your biggest selling items on Cyber Monday? Women’s socks, men’s shirts or kid’s shoes? What if one big-ticket item skews all of your sales for the day? As an online marketplace, maybe that’s what you want – one to three big ticket sales that make the day a record breaker. Today’s story shows you how a luxury online women’s retailer finds a Cyber Monday record breaker hidden amongst their sales.
How Online Retailer Finds a Cyber Monday Record Breaker
It’s that time of the year and an online luxury women’s retailer recently saw a significant shift in sales, which was 52% over the predicted model based on the Outlier Automated Business Analysis platform. The day was Cyber Monday 2018. The reason for the unexpected revenue spike in Outlier was one order. Just one.
When the marketing and product teams saw the revenue increase year-over-year, they immediately clicked within the Outlier story to dig into the Root Cause Analysis. The identified driver was a transaction based in Massachusetts, which led to the retailer’s marketing team to pinpoint the sale to a high-end luxury item.
Without Outlier the team would have spent hours digging into why revenue was up. Pinpointing the revenue increase to the State of Massachusetts would have taken hours more. And, not to forgot that with thousands of product SKUs and a busy sales season, the team may not have been able to make a discovery within their data at all. Fortunately, Outlier’s Automated Business Analysis platform was able to use artificial intelligence and automatically investigate and uncover the watch sale.
You can identify meaningful trends in your data with Outlier. Without Outlier, these kinds of insights would require hours, days, weeks or months of analysis. Outlier empowers businesses to take a deeper look at their data and uncover unexpected trends that can lead to revenue increases. Sign up for a custom demo to hear how an online retailer finds a Cyber Monday record breaker.