Predictive Analytics Reduces Retail Returns
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Vicky Brock, CEO of Clear Returns, presents a Brighttalk webinar helping analysts get more commercial results and internal traction from their big data, analytics and BI activities
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Predictive Analytics Reduces Retail Returns
- 1. Predictive Data and Analytics For Real Commercial Impact Vicky Brock, Tech Innovator of the Year & CEO, Clear Returns @brockvicky www.clearreturns.com Trends, challenges, getting internal traction & a case study on reducing retail returns
- 2. Vicky Brock, CEO Clear Returns www.clearreturns.com The harder I work, the luckier I get !?
- 3. Vicky@clearreturns.com @brockvicky www.clearreturns.com Consistently efficient analytics I measure what matters I analyse less and act more I’ve refined my “so what” filters I trust gut instinct I can’t explain over data that’s too good to be true I am probably not as smart as you - but:
- 4. Vicky@clearreturns.com @brockvicky www.clearreturns.com “give us your datas” Especially the big ones The new hot zone!
- 5. Vicky@clearreturns.com @brockvicky www.clearreturns.com My structured & unstructured world
- 6. Vicky@clearreturns.com @brockvicky www.clearreturns.com Variety? Volume? Veracity? Velocity? Big data = big pants
- 7. Vicky@clearreturns.com @brockvicky www.clearreturns.com Clean is best Holes = bad Controlling access is a good thing It’s what you do with it that counts
- 8. messy vastsiloed mind- blowingly unknowably irreconcilably Vicky@clearreturns.com @brockvicky www.clearreturns.com If you’re truly in a big data world
- 9. Vicky@clearreturns.com @brockvicky www.clearreturns.com If you’re truly in a big data world Low on context & business question led exploration High on tech & architecture focus, pattern recognition
- 10. messy politicalsiloed solvable handle with caresolvable Vicky@clearreturns.com @brockvicky www.clearreturns.com If you’re in a “not technically big” data world
- 11. Vicky@clearreturns.com @brockvicky www.clearreturns.com Low on replicable, consistent analytics process Huge untapped opportunity for commercial impact If you’re in a “not technically big” data world
- 12. Building a culture of So what??? Vicky@clearreturns.com @brockvicky www.clearreturns.com Challenge 1 Do you REALLY know why your organisation does what it does? Have you read – and understood – the annual report & accounts?
- 13. Analytics has no value without action Vicky@clearreturns.com @brockvicky www.clearreturns.com Challenge 2 Do more with less Break the cycle of analysis paralysis Start somewhere – perfection kills profit and is inefficient
- 14. What influences the people who influence you? Create a data culture Commercial exposure Understand compensation & KPIs of leadership Questioning, not warfare or procrastination Test , accept failure & mistake, iterate Vicky@clearreturns.com @brockvicky www.clearreturns.com Challenge 3
- 15. Segmentation Custom responses Automation Fraud Vicky@clearreturns.com @brockvicky www.clearreturns.com Tackle missed opportunities More £ for equal or less effort Churn
- 16. Top level operational visibility Customer segmentation Stuff that really matters Vicky@clearreturns.com @brockvicky www.clearreturns.com The pay rise zone Focus on the big insights
- 17. Some real life examples from Clear Returns Top Tech Start-up in Europe Big Data Venture Challenge & IBM Smartcamp Winner Vicky Brock, Tech Innovator of the Year & CEO, Clear Returns @brockvicky www.clearreturns.com
- 18. Up to 60% returned £221 billion preventable retail returns* & returns are growing faster than sales *Returns cost retailers £435billion globally, with £221billion deemed preventable. IHL Group, Retail Analysts, June 2015 Can’t be resold as new Faulty? It’s not a sale until the shopper decides to keep it
- 19. Clear Returns SaaS intelligence platform helps retailers retain £1million extra revenue per £10million refunded Because once returns are factored in, not all customers are equally loyal or profitable & not all product covers its costs Retain more revenue Cut costs and wastage Improve customer experience & lifetime spend Improved buying decisions & stock coverage Optimise profits
- 21. First time & high value customers are disproportionately affected by product/expectation gap issue @clearreturns @brockvicky Vicky@clearreturns.com @brockvicky www.clearreturns.com Problem products are extra costly
- 22. 10% of products cause up to 50% of returns impacts Not all products return equally
- 23. Early warning... Predicting the returns the retailer hasn’t bought yet So what??So What??
- 24. Problem products are extra costly
- 25. Early warning on problem products & returns sensitive customers is key Prediction means problems fixed fast
- 26. Marketing can turn calm kitties into crazy returns monsters
- 28. 1% customers cause up to 10% of returns costs Not all customers return equally
- 30. @clearreturns | www.clearreturns.com | 0141 554 4175 | info@clearreturns.com
- 31. vicky@clearreturns.com 0141 554 4175 www.clearreturns.com Vicky Brock, CEO 0141 554 4175 www.clearreturns.com Thank you