A global retailer built a promotion optimization model but trained it exclusively using previous promotions and sales data. Although previous promotions have seen some success, the company has had trouble getting its ROI on recent promotions past 65% in terms of revenues per dollar spent. As a result, the retailer was seeing flagging sales at some of its most important stores, and couldn’t find the right promotions schedule to boost its new products.
To improve the impact of its promotions, the company created a new promotion scheduling model that added external data from Explorium’s Enrichment Catalog. With this new enhanced data, the company could identify a variety of key indicators, including:
By connecting their datasets to Explorium, the retailer was able to boost their ROI on promotions by 14%, while managing a much more efficient promotion calendar that showed a 4% uptick in store revenues across their locations.