Background
eCommerce System: In-house eCommerce Platform
Profit Optimization Tool: Product 360
Industry: Sports and Fitness Retail
Goals: Implement a more comprehensive, scientific, and data-driven approach to pricing
The Challenge
Fragmented Data Systems and Manual Calculations Were Slowing Them Down
Since launching their fitness equipment business in 1998, this retailer relied on employees to manually look at each of their systems and compile reports. With a product catalog of 800 items, they were still manually pulling relevant data points for each product into a separate document for analysis and evaluation. After analysis and decisions at the product level, the team would then return to each individual system to make adjustments to pricing and inventory. Then the manual analysis cycle starts again.
The Solution
Automated Data Analysis Led to Improved Profit Lift
Hypersonix ProfitGPT connected to their in-house eCommerce platform to allow the machine learning and generative AI algorithms to process years of sales and marketplace data. After reviewing the pricing and inventory insights and recommended price adjustments in the Product 360 module, the team selected the products they wanted to include in their plans and updated them on their live site.
Hypersonix Impact
A Consistent Lift in Profits, Every Month
Automating their manual data pulls, and implementing the actionable insights provided by Hypersonix led to a 16.8% profit lift for this retailer with a 2.6% profit to revenue ratio lift. They have continued to see a consistent lift in profit every month since the implementation.
Automating what was a time-consuming data analysis process saves the team hours every week and leads to more consistent data analysis and better overall data upon which to make pricing decisions. It also saves the team significant time every week.