As retailers enter the make-or-break holiday season, they’re haunted by a perpetual ‘Ghost Economy’ — a data and inventory disconnect that is costing the industry more than £4.8bn per year, according to IHL Group.
This ‘Ghost Economy’ is present when commerce activities are disconnected across a retailer’s omni-channel operations, resulting in inventory distortion, out-of-stock and deeply discounted products being marketed, and orders taken for products that don’t exist. OrderDynamics claims it is addressing these disconnects head-on with the latest release of omni-channel capabilities within Dynamic Action, a decision intelligence application for retailers.
“The disconnects in retailers’ online and offline operations represent a very real threat to sales and profitability. We call this a Ghost Economy, and it’s an issue that has been plaguing retailers for years. The disconnects are only growing worse as commerce becomes increasingly complex,” said Kevin Sterneckert, CMO, OrderDynamics.
“Retailers must solve these disconnects in order to improve omni-channel execution, increase sales and answer customers’ ever-growing expectations — and that’s exactly what OrderDynamics is delivering with our latest release of Dynamic Action.”
Dynamic Action now incorporates offline and online store data to provide an omni-channel view of products, customers, channels and marketing. Dynamic Action’s big data insights, combined with immediate, detailed recommendations that drive profitable growth across all channels, helps retailers solve the disconnects that haunt their omni-channel operations and enable intelligent commerce, the company claims.
The OrderDynamics commerce suite, with Dynamic Action’s newest capabilities at the core, identifies opportunities for retailers to achieve this type of omni-channel excellence:
- Re-allocation of stock between stores and warehouses
- Decreased fulfillment time and improved profit with dynamic ship-from-store options
- Recommended offline products to publish and feature online
- Optimised marketing spend and customer experiences with actionable product insights across channels
- Personalised customer experiences and profit increases by leveraging customer data, purchase history and activity indicators across offline and online channels
- Implementing the best pricing strategies between online and offline channels
The omni-channel enhancements to Dynamic Action complement the OrderDynamics retail suite, which includes its enterprise commerce platform, order management system and in-store point-of-service application.
“OrderDynamics provides a solid platform that lets Laura Canada reach, convert and create long-term relationships with customers in all channels at all times,” said James Bruce, director of e-commerce at Laura Canada, which offers contemporary, accessible fashion for women in over 150 Canadian retail stores and through its website and utilises OrderDynamics’ Order Management, Commerce Platform and Dynamic Action suite.
“We’ve worked with the OrderDynamics team over the past few years to streamline our operations and increase sell-through. We’re excited for what these new Dynamic Action omni-channel capabilities mean for our business and for retail as a whole. We know that synchronising data across all channels will allow for improved inventory management, better customer experience and a complementary ‘advanced merchant brain’ to our otherwise human-run operations.”