New Analytics Tool for Retailers
Irvine, Calif.–based software company The Retail Equation (formerly the Return Exchange) has released a dashboard tool that gives retailers instant notification of key performance indicators during promotions as well as the ability to monitor general sales activity.
Users of the Return Rewards dashboard can dissect information by geography, concept and store hierarchy to help identify both high-performing and under-performing offers and locations in order to enact change, said Tom Rittman, vice president of marketing.
The dashboard works with the company’s Return Rewards program, which identifies loyal customers and offers them discounts and promotions when returning or exchanging merchandise. The system also charts return histories to help prevent abuse. Rittman said roughly 7 percent of all merchandise gets returned.
“For years, retailers have struggled to keep consumers in the store after making a return and then struggled to better understand which of their targeted efforts are the most effective,” Rittman said. “This [Return Rewards dashboard] eliminates the guesswork by providing retailers with the exact information they need, from cumulative revenue to trend analysis, to make informed decisions.”
The dashboard also provides information to help identify performance levels of sales staff so the best practices can be established and carried over to other locations.
The system uses statistical modeling and analytics to predict consumer behavior, and its software-as-a-service delivery enables retailers to achieve a significant, measurable return on investment. For more information, visit www.theretailequation.com. —Robert McAllister
