To address its challenges, Fisher-Price turned to Retail Velocity and its VELOCITY® solution suite, which provides a best-in-class demand signal repository (DSR).
VELOCITY cleanses and harmonizes data—including demand, replenishment, merchandising, sales, and marketing data— from all customers into a relational demand data warehouse and provides multi-level analyses to numerous business users. However, it extends well beyond retail POS by merging many varied sources of information, such as syndicated data, ERP shipments and budgets, retailer forecasts, trade promotions, and demographics, to eliminate data silos and support better decision making across a company.
According to industry analysts, a DSR can often drive a 2% to 4% sales increase and enable an organization to use downstream data to reward sell-in versus sell-through.
Fisher-Price used VELOCITY to connect individual retailer data feeds with 20 of its largest retailers to ingest and bring order to the array of data, including EDI, AS2, and data from Walmart’s Retail Link and other proprietary chain platforms. Fisher-Price could now view data in a variety of formats important to its business, such as rank toys by sales and tier stores by performance within a chain, and they could also review store performance across chains.
VELOCITY® enabled Fisher-Price to share valuable data with its in-store merchandising forces to bring about timely execution on the selling floors. Fisher-Price also relied on Retail Velocity to support two to five analysts who manage one key retailer account through the high-level Category Advisorship program, ensuring consistency in the way the company approaches the chain. With no increase in staffing required, Fisher-Price was able to reproduce store clustering and demographic analysis.
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