Data Analytics
Overview & Challenge(s): DEMDACO Abandoned Shopping Cart Revenue
After leading my team to conduct a deep dive analysis using reports from multiple sources, we identified an opportunity to recover revenue from abandoned carts on our wholesale site. By partnering with the finance and data analytics teams, we were able to deduct that approximately 50% (~$3M) was recoverable if action were taken.
Allocating resources to the project required that a business case be presented to the Executive Team (CEO, CFO, COO, CMO) for approval. If approved, the project would then be prioritized and assigned appropriately. Because we found the opportunity, it was my responsibility to take it forward and subsequently oversee the project lead.
Goal(s): Find new sources of revenue, increase cross-team collaboration, build trust with the sales and service teams, and improve data accuracy.
Strategy & Approach:
Oversee the completion of a business case, gain approval, and guide the designated project lead during implementation.
Select the project manager to assemble and lead a team of SMEs across the organization to develop and conduct training, write requirements for IT, and implement incremental communications (internal and external).
Partner with the VP of Sales to identify six key territory managers to join the project team and assist with testing before rollout.
Ensure the sales teams are on board (by demonstrating the incremental commission opportunity).
Implement new solutions to close the gap and regain the lost revenue (ex: cart save, cart share, return to cart for completing the transaction).
Create and test a more complex sales metric to factor in the average order and lifetime value by account type versus solely the amount of revenue recovered (account value was the variable).
Partner with the Director of Customer Service to create scripting, incremental call disposition codes, and train the team to handle incoming calls for the new functionality.
Results:
The project was prioritized as a top strategic initiative for 2021 based on the revenue at stake.
Within the first 30 days:
The sales team recovered over 40% of the abandoned revenue.
Adoption of the newly launched wholesale site increased by 38%.
Over 750 new cart shares were sent via email to the assigned territory representatives.
Sales representatives earned an average of 15% commission that was being missed.
Customer Service metrics were not impacted and call volume did not increase.
My team transformed the company across several layers:
Awareness of revenue-impacting system gaps and process breakdowns.
Collaboration up, down, and across the organization.
Adoption of newly created metrics and ways of working.