eCommerce System: BigCommerce, Netsuite
Profit Optimization Tool: ProfitGPT
Industry: Books, Gifts, Baskets
Goals: Drive higher margins using data insights and scientific decisions
Disparate Systems and Manual Processes Led to Uncertainty
After launching a primary eCommerce website, the founder and CEO continued to spin off additional eCommerce sites for specific product lines. After building a massive product catalog and growing top line sales revenue across all their sites, they started to wonder if they could increase their prices to offset the increasing costs of running a multiple site business model. With no time to manually dig in to get those answers, they needed a solution that could pull their data from multiple places for analysis and provide them with the pricing insights they needed to make the right decisions on pricing.
A Confident New Pricing Strategy – Backed by Data
Hypersonix ProfitGPT connected to their BigCommerce platform and Netsuite ERP within minutes using API Connectors. It's machine learning and generative AI algorithms quickly began to process millions of data points over years' worth of sales and cost information with consideration to market conditions and seasonality. The actionable insights from ProfitGPT provided the evidence needed at both the product and SKU levels for the retailer to carry out a new pricing strategy with confidence.
Higher Margins and a Significant Positive Impact on Profit
Replacing their manual processes with actionable insights from Hypersonix led to a 14.4% lift in profit with a 1.9% profit to revenue ratio lift. They continue to see a lift in their profits each month. Since the implementation of the Hypersonix platform, and the confidence it gave them to increase their pricing, their forecasted profit impact for 2023 is $1.4-$2.3 million.