One thing that every online retailer doesn’t want to happen is low or zero inventory. When customers want instant purchasing gratification, you want to have plenty of merchandise available, so they stay on your site rather than someone else’s. Today’s story shows you how Lyst, a global fashion search platform, identifies inventory shortage quickly.
Lyst is an aggregator that allows consumers to search thousands of fashion stores in one destination, boasting both luxury women’s and men’s lines. With 1000s of retail partners with 100s of SKUs each, it is a big effort ensuring each partner has inventory listed and searchable on Lyst.com.
How Lyst used Outlier to identify an inventory shortage
The week of September 26th, Lyst received an update from Outlier about a newly identified trend. The Outlier update indicated there was a significant decrease in the amount of merchandise clicks for a large retail partner over the last 3 days. This change could indicate several potential problems, including missing inventory, which was very concerning to the Lyst team.
For Lyst, it’s important that new SKUs are posted to the marketplace daily, accompanied by accurate inventories. Retail partners are equally interested in making sure their merchandise is available for customers to see and purchase when interest occurs. When any part of this process breaks, revenue is potentially compromised.
That’s where Outlier helped. Outlier saw the amount of clicks for the retail partner drop steadily for a few days. The Lyst partner growth team immediately sprung into action to check the new inventory count they received from the retail partner, which was revealed to be empty.
Obviously, Lyst was motivated to correct inventory load quickly, so that customers could resume merchandise search from the affected retailer. Without Outlier, Lyst might not have noticed the inventory load issue until the quantity of clicks and potential purchases had been more drastically compromised.
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 see how, Lyst, a global fashion search platform identifies inventory shortage.