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Agenda
Existing Scenario Resolution Plan Problem Identification Plan Formulation Plan Deployment Measure , Verify , Control Next Steps..
Agenda
Agenda Digital Consumers are harder to understand and please than ever before
Out-of-stock (OOS) has been the top concern of online retailers worldwide
Existing Scenario
20% Product Views are OOS
40% Lower Conversion Rate
33% of OOS rate due to Top 500
OOS Items
Agenda Data Analysis
Multi Channel Analytics
According to a study , Data Analytics can increase average retailer’s margin by 60% Some of the Retail Analytics trends given below can be used to reduce the OOS which
would increase customer satisfaction and eventually increase the conversion rate
Retail Analytical Techniques
Agenda Plan FormulationReasons for OOS after Data Analysis:
•Inaccuracy in Inventory management , Product Item Data ,Replenishment system•Increased demand due to promotion led to OOS but•Higher Sales Velocity of Top 500 OOS led to repeated and predictable OOS •Lag in updation of websites lead to item being OOS but item still existing
Insights
Front End Resolution •Showcase similar products •Allow buying from the closest retail store •Do not show the product •Take email and provide a discount in future
Front End Resolution
Back End Resolution•Embrace the culture of business analytics •Develop predictive models based on promotions•Invest in increased computing speed•Scenario test forecasting systems for OOS items
Resolution