Highlighting our commissioned Haunting of Overstocks report’s main points regarding the inefficiencies that plague retailers, Sharon Edelson cuts to the core of
how DynamicAction sets itself a part to empower client’s data, break through and connect silos in order to deliver more accurate and nimble prescribed actions.
Our CEO, John Squire, spoke with Sharon to give her insight into harnessing Big Data to make better retail decisions:
“Retailers can use forecasting capabilities to better understand consumer need,” Squire said. An example is a retailer selling white shirts in every size, but one size is getting returned. “Something’s wrong about the size 6,” Squire said. “But the returns data is not connecting to the sales data.”
The Internet and digital have made many things more complicated for retailers, including marketing. “Once you’re in an overstock situation, the coordination of silos between marketing and buyers is important,” Squire said. “They need to promote products in stores and online in different ways. Digital can move at a very fast pace.”
The merchandising organization touches everything, and it’s evolving to be much more scientific-minded, Squire said. Are the days of the merchant prince over? “We’re seeing a shift occurring,” Squire said. “The merchandisers we’re working with understand the need of big data. Folks understand the evolution of the system is art and science.”
