Read the latest article by WWD, featuring Andrea Morgan-Vandome, CMO of Celect, to learn more about how retailers are using the mid-summer shopping holiday to clear some goods.
WWD — July 15, 2019 — The Amazon Prime (Two) Day extravaganza that started at midnight might make Jeff Bezos the Santa Claus of July — but the success of his four-year old shopping holiday speaks to more than just the web giant’s sheer power.
Retailers have known forever that consumers like nothing more than a good sale — from President’s Day to Mother’s Day to Black Friday and every excuse in between. And when Amazon kicked off Prime Day, at first to celebrate its 20th anniversary, the rest of the industry jumped right in.
This year, Prime Day could come at the perfect time for retailers carrying more inventory than they’d like after a weak spring, especially since many merchants have also been stocking warehouses to the ceilings, taking early shipments in hopes of avoiding the U.S.-China trade war.
“You’ve got to do some level of promotions. With something like a Prime Day, just to leave it totally unanswered is potentially missing out on some of the sales,” said Andrea Morgan-Vandome, chief strategy and marketing officer at Celect, a predictive analytics platform.
While few, if any, retailers have the digital savvy of Amazon, there are more tools merchants can use to better compete. Morgan-Vandome said artificial intelligence can help retailers be much savvier about their inventory, acting as a kind of GPS that helps goods course correct and get from warehouse to just the right store.
“There’s this big opportunity to get things out there and test and learn from it and then realigning what you [ship] into the stores,” she said. “Inventory is one of the top challenges that people have right now. If you can better align the inventory to the demand, the better off you’re going to be.”