CommerceIQ, the leader in Ecommerce Revenue Automation, today announced a fully managed service called Growth Navigator to help brands manage heightened short-term demand for their products and plan for long term growth. The rapid rise in ecommerce spending due to coronavirus is leading to several challenges for consumer brands, including lost revenue from out of stock products (up to 35%), wasted advertising and promotional spend on low inventory products (up to 40%) and a doubling in activity from third party sellers resulting in frequent price gouging and brand perception issues. The availability of Growth Navigator comes on the heels of announcing 300% year over year revenue growth in 2019 from leading consumer brands, including 3 of the top-5 fast-moving consumer goods companies in the U.S. Growth Navigator, powered by the CommerceIQ machine learning and automation platform, helps consumer brands selling on Amazon analyze real-time sales, search and inventory data and provide insights, recommendations and automated actions to mitigate losses.
For brands, the sudden ecommerce growth rate increase of 400% during the month of March marks an inflection point in the adoption of online shopping for consumer goods, accelerating ecommerce by nearly five years and creating a permanent shift in the market. To better serve consumers, brands winning in this “new normal” world of ecommerce realize it is no longer about maintaining relationships with retailers; it’s about embracing a new approach called Ecommerce Revenue Automation (ERA) that combines data analytics, machine learning and automation to tune ecommerce algorithms and win at the moment of purchase while driving sustained revenue growth.
Growth Navigator combines the CommerceIQ machine learning and automation platform with dedicated Amazon expertise from the CommerceIQ Customer Success Team to guide ecommerce teams through a 90-day engagement and ensure they get the most from the CommerceIQ platform. For more information about CommerceIQ Growth Navigator, visit http://www.growth.commerceiq.ai/growth-navigator.
Growth Navigator provides brands with the following:
- Operating Framework: Your dedicated Amazon expert will deliver training and a comprehensive operating playbook on how to manage demand spikes from the perspectives of sales, operations and marketing. They’ll also establish specific goals and track progress toward those goals across daily standups, weekly meetings and monthly business reviews.
- Marketing Operations: Your dedicated Amazon expert will create custom advertising strategies that integrate sales, inventory, and competitor data to automatically shift spend across top keywords and peak shopping times to maximize revenue and Share of Voice (SOV) for all essential in-stock products.
- Sales Operations: In addition to a rolling 4-week forward forecast that considers overall demand for products on Amazon, Purchase Order (PO) history and weeks of coverage, your dedicated Amazon expert will create automations to proactively monitor and correct potential increases in PO discrepancies, OOS issues and 3P competitive activity to reduce revenue leakage. They’ll also help with vendor negotiation strategies like “hot POs” depending on business priorities.
- Strategic Planning: CommerceIQ experts will work with you to develop strategies for long-term profitability and category leadership and provide an expert analysis of your brand assortment that segments your portfolio in terms of head, core and tail ASINs.
With full access to the CommerceIQ platform and guidance from an Amazon expert, you’ll be able to provide your sales, operations and marketing teams with the data they need to drive growth and profitability on Amazon.
Ricky Hernandez, Senior Director of Ecommerce Sales and Merchandising for Avery Products Corporation, says, “We have a high number of products and multiple business categories with unique business objectives. We even have multiple audiences. CommerceIQ helps us manage all those complexities, without having to devote a lot of people to it. We use CommerceIQ not only for the sales team, but our content team, supply team, and our logistics managers. Everyone is working from the same set of data, but it’s tailored to suit their individual needs. CommerceIQ is fundamental to how we manage our business, and with Growth Navigator other consumer brands can now access these benefits in a managed service offering to address issues related to out of stock products, assortment, advertising and third-party challenges on Amazon.”
“Ecommerce is becoming the gravitational center for the business,” said Guru Hariharan, CEO and founder of CommerceIQ. “Brands are being hit by execution challenges from unexpected spikes in demand due to coronavirus, and strategic challenges they’ll need to manage when ecommerce settles into the new normal. Growth Navigator provides the immediate help they need in the short-term and takes the friction out of developing this strategic capability in the long-term”.
CommerceIQ™ is the leader in Ecommerce Revenue Automation (ERA), the practice of using machine learning and automation to tame Amazon’s algorithms for competitive advantage. CommerceIQ has been adopted by leading consumer brands accounting for billions of dollars in Amazon sales and marketing spend, including Avery Products, Georgia-Pacific, Kellogg’s and 3 of the top-5 Fast-Moving Consumer Goods Companies in the U.S. These brands rely on CommerceIQ’s machine-based commerce technology and business processes, which are purpose-built to tune Amazon’s algorithms, to be closer to the consumer, drive profitable growth and win at the moment of purchase. This combination empowers ecommerce teams spanning sales, operations, and advertising to collaborate and share data-driven insights in real-time in response to changing variables across hundreds of products. Using CommerceIQ as a single source of truth, customers have reduced out of stock rates by up to 32%, increased conversion rates by at least +15%, and generated on average a +12% incremental sales lift within the first quarter. For more information, visit CommerceIQ.ai