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How can the client better prepare to meet product demands in different periods?
How can the client better prepare to meet product demands in different periods?
The 30-day average transaction trend is chosen for one year and broken into four periods: First Add period, Stable period, Second Add period, and Decreased period.
Key Takeaway:
Key Takeaway:
For First Add, the online retailer is advised to adopt a 5% more strategy to get higher sales.
For Stable period, the median transaction value is 51.1 and it doesn't differ significantly from the other 3 periods, which indicates there's no momentum and hence no need to stock up.
During Second Add, the median transaction value is 77. Like in the first add period, adopting the 5% strategy customer can achieve additional 30 transactions every 40 days.
For Decrease period, after the two main festivals Christmas and New Year, the transactions decrease sharply. This means the store need not stock up as much since transactions decrease at a speed of 1.6 transactions per day.
What is 5% more strategy?
What is 5% more strategy?
The online retailer should increase their stock by 5% more products than the previous year's inventory, for periods of time where higher sales are anticipated in order to maximize profits (First add and Second add as observed here).
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