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Product Opportunities is one of the six types of Decision Trees and is available in Web, Store, and Omni instances.
Product Opportunities are split into a possible total of three actions and nine themes.
- Action: list of actions relevant to the opportunity type such as Price Actions, Increase Price.
- Theme: list of themes relevant to the opportunity type, such as Inventory.
Actions:
- Exposure: Identify products to position higher or lower in site rankings on pages based on performance. (Web & Omni)
- Price: Identify products that should be increased or lowered in price based on performance. (Web, Store, and Omni)
- Inventory: Identify products to replenish, increase, or cancel based on performance. (Web, Store, and Omni)
Themes:
- Conversion: Identify high & low converting products and products not selling. Consider actions to accelerate sales and ensure no demand is left unfulfilled. (Web & Omni)
- Selling: Identify selling and not selling products. Consider action to adjust exposure or accelerate sales. (Web, Store, and Omni)
- Inventory: Identify over/understocked products compared to their peers. Consider actions that will accelerate sales, mitigate inventory risk and avoid wasting demand. (Web, Store, and Omni)
- Profit: Identify high, low, and negative profit-producing products. Consider actions that capitalize on winners and minimize losses. (Web, Store, and Omni)
- Views: Identify high & low-viewed products and products not viewed. Consider actions that increase, decrease or redirect exposure. (Web and Omni)
- Price: Identify high and low margin products that warrant a price change given conversion, competition, consistency, profitable or other. (Web, Store, and Omni)
- Returns & Cancellations: Identify products with a high rate of return or cancellation. Consider merchandising & operational actions to mitigate lost sales. (Web, Store, and Omni)
- Marketing: Identify products with high or low external views. Consider these signals when planning marketing strategy. (Web and Omni)
- Channel Disconnect: Identifying which products sell well on the web vs. which sell well in stores. (Omni only)
- Click the Tree icon at the top right to select the Action or Theme of choice.
Or you can use the title dropdown to either:
- Select an action: Exposure, Price, and Inventory.
- Select a theme: Conversion, Selling, Inventory, Profit, Views, Price, Returns & cancellations, Marketing and Channel Disconnect.
How to Use the Product Opportunities Chart
Once you click into a tree icon, you are presented with an overview page formatted as a flow chart.
The box at the top of the flow chart summarizes the overall number/value of Products. Use Settings to change the metric as needed.
- Click the + icon in the bottom right of the box to dig deeper into any sub-section and navigate to specific opportunities.
In this example, clicking Boost would take you to a list of further sub-sections featuring products that need to be boosted due to specific reasons eg. Low Views.
- Click the + icon in the bottom right of the box to dig deeper into any sub-section and navigate to further opportunities e.g High Conversion.
How to Use the Product Opportunities Grid
Click on any sub-section to analyze the specific products within it.
You will be taken to a grid format, which lists all of the products that fit the criteria of the sub-section, for example, products that should be Boosted due to Low Views but High Conversion.
This grid will include columns of default metrics eg. Product Conversion and the Peer Percentile metrics too, e.g Product Conversion (Peer PCTL).
The Peer Percentile comparison value identifies where the product sits relative to its category peers. For example, a product in the 8th percentile in terms of the Product Conversion metric suggests that 92% of other products in its category have higher Product Conversion rates.
- Hover over the information icon at the top of your page to see the criteria that all products listed need to meet.
How to Amend or Add Metrics & Fields
- Click Edit Grid.
- Click Add metric/field.
- Use the search bar to add additional metrics or fields needed in your analysis, e.g., Stock Units. Any selected metrics will then appear in the right-hand column.
- Click Add.
- Click Apply to save the changes and/or additions.
- Using the drag-and-drop icon, you can organize the order in which the metrics or fields appear in your table view.
- Click Apply.
You can also add a field or metric by hovering over the right-hand side of any column in the table.
- Click the arrow.
- Select Insert New Field/Metric and select and add the metric or fields of choice.
How to Add Timeframe Comparisons
Add columns with comparison timeframes to track positive and negative changes to metrics over time. You can add these comparisons in bulk or individually.
To add a timeframe comparison to all metrics in bulk:
- Click Edit Grid.
- Select the Compares dropdown.
- Click the + next to the comparison timeframe required.
- Click Apply to save the timeframe comparison changes.
To add a timeframe comparison to individual metrics:
- Click the arrow next to the metric.
- Select the timeframe comparison; this will then move to the right-hand column.
- Click Insert X Columns to add this time comparison.
- Click Apply to save the timeframe comparison changes.
How to Add Filters in Product Opportunities
You can add filters to your analysis to refine the list of products on which to take action within Opportunities.
- Click Edit Grid.
- Click Add Filter.
- Click the first dropdown to select a filter field or metric, e.g., Department.
- Click the second dropdown to select a rule, e.g., Is or Is Not
- Click the third text box to add the specific criteria of the filter that you want to apply, e.g., Dresses.
You can click the search button under the text box to get a predefined list of all the possible filter criteria you could apply. Once you have selected your criteria, ensure you click Add Selected.
- Click Add filter to save.
Additionally, you can add filters within the table itself by hovering over the right-hand side of any column header.
- Select the appropriate rule from the dropdown.
- Click the text box to type the specific criteria of the filter that you want to apply, e.g., Dresses.
- If you click on Advanced Filter, you will be taken back to the edit grid function.
How to Sort Columns in Product Opportunities
Sort the columns by ascending or descending.
- Hover over the right-hand side of the column header that you want to sort on.
- Click Sort Ascending or Sort Descending.
- Click Remove Sort to undo the sort on that column.
- Click Reset Sort to reset back to default.
You can favorite this view by clicking the star icon next to the summary page title. Once favorited, the star icon will turn blue. This favorite page will appear on your myDNA homepage.
