As a lot of customers turned to online retailers seeking a wider range of SKUs, selection breadth became one of the key lever to pull offline to online. As competition started using its selection as a key differentiator, our client needed a scalable solution to help bridge the assortment gap.
Flipkart’s pricing manager with Assortment Intelligence helped the client to compare its selection wrt the competition and to analyse the SKUs which were exclusive to the competition so it could be included in the client’s portfolio.
With assortment intelligence, the client could bridge the selection gaps and leverage the SKUs which were exclusive to them. Client observed 20% uplift in revenues with selection improvement.
E-commerce industry has been growing at a phenomenal rate and it has been imperative to acquire new customers and retain existing customers for stable top line growth. With growing competition, customers have multiple options to buy from, which makes it important for e-commerce players to have enough SKUs in addition to competitive pricing to gain the market share.
The client was facing decline in the revenues and realised the need for analysing selection gaps as compared to their competitors. The managers were manually tracking the SKUs and analysing the gaps to ensure that they had parity to offer in terms of selection across all the departments to build this as a long term lever for the customers.But manually tracking the competition’s selection was time consuming and not relevant for an industry which required agile decision making.
Since, width of selection is one of the key drivers of customer’s consideration set while buying online, the client was looking for solutions which would provide them insights pertaining to selection gaps.
Flipkart Commerce Cloud’s competitive pricing solution was able to provide important insights to the client on selection gaps and map the selection which were common and exclusive to client’s own website as well as to the competitor’s website. The solution also recommended the sellers who offered the differential selection. These insights assisted the client in planning Go to market (GTM)strategy for marketplace teams to go and onboard the sellers to bridge the selection gap. With the automated crawling mechanism of the solution , the client received timely insights and could accordingly plan the strategy to either add new SKUs or leverage the exclusive SKUs in their portfolio. Moreover, the solution’s intuitive UI allowed the information to directly get shared with buying managers so they could act with agility.
The client saw growth in customer’s Net Promoter Score (NPS) and revenues as FCC’s Pricing Manager’s assortment intelligence assisted to offer better selection as compared to its competitors. In addition to competitive pricing, the client could position selection as a differentiator, which helped them in improving the traffic on the website and to retain old customers.