Today’s story involves a Retailer that leveraged Outlier to automatically determine how the Coronavirus pandemic was altering consumer behavior, specifically the changes in demand for categories, segments, and even individual products. After connecting Outlier to multiple data sets in 15 minutes, Outlier’s automated business analysis platform immediately uncovered an unexpected surge in online engagement as well as demand for particular products.
Consumer behavior is unpredictable, which makes it a challenge for buyers and merchandisers to effectively plan assortment, pricing, and promotions even during the course of normal business. In today’s reality, as the global pandemic has dramatically impacted the consumer psyche and activity, retailers will require a capability that is able to show unexpected changes daily and plan in the current day versus rely on what has typically worked or insights gleaned from last year’s data. This need was particularly urgent for this Retailer, as their eCommerce operation was considerably less developed than their physical stores.
How Does a Retail Power Player Plan for a Pandemic?
The Coronavirus pandemic has fundamentally changed the way we live. No longer are we spending time at gyms, restaurants, bars, etc. Would consumers spend this newly found ‘free’ time online shopping? And if so, what would interest them? Based on this Outlier story, the retailer was seeing more organic search traffic leading to a specific category which included a number of segments for apparel.
Fortunately for this Retailer, Outlier was there to help. The retailer was able to make strategic changes to support these segments including highlighting via the website, increasing promotional campaigns via direct to consumer digital outreach, and adjusting the promotional calendar to ensure they were able to get a ‘jump’ on the competition. The net impact of these changes resulted in more than a 10% increase in revenue, year over year, for this very important and strategic segment of their business.
Outlier finds the unexpected in your data automatically and quickly. In this new normal, it is imperative that your resources be focused on the most optimal outcomes for your business. By sharing the insights that drive your business, Outlier saves you hours, days or weeks of time. 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.