A Profitero study showed Target’s online prices were 25% more expensive than Wal-Mart’s, which were just slightly more expensive than prices on Amazon.
Lillian Vernon Corp. has selected Buystream to provide analytics that will allow it to re-act to events as they happen on the web and not wait until a report is generated.
When Lillian Vernon Corp. re-launched its web site late last year, executives decided the site needed an analytics program that would allow them to react to events as they happened on the web and not wait until a report was generated before knowing what needed to be fixed. “The Internet is not an exact science and it is difficult to forecast or predict,” said Kevin Green, president. “In the past we had to wait at least 24 hours before we knew the details of our site’s activity.”
With the re-launch, Lillian Vernon incorporated Buystream’s Merchant 3.5 analytics tool. “Now we have this information in seconds, so we can revise our forecasts, remove products or adjust our inventory,” Green said.
Lillian Vernon says it uses Merchant 3.5 to determine the reasons for shopping cart abandonment, support merchandising decisions, manage inventory, identify potential server overload problems during peak times before they happen and adjust weekly revenue forecasts.
“The senior executives in our online, MIS, merchandising, marketing and inventory departments all rely on Buystream Merchant reports to help in their decision-making,” said Lillian Vernon, founder and CEO. ”Merchant 3.5 provides us with data on customer and shopping behavior to drive our web initiatives and maximize our online channel.”