SoundCommerce Launches SoundProfit 360: Real-Time Profit Optimization for Retailers and Consumer Brands
Jewelry Brand Mejuri Employs SoundCommerce to Optimize Profit across DTC Commerce, Retail Stores
Data platform provider SoundCommerce announced today the launch of SoundProfit 360, a SoundCommerce SaaS module that provides real-time order- and shopper-accurate profitability tracking and insights for retail and consumer brand decision makers.
For direct-to-consumer jewelry brand Mejuri, SoundProfit 360 is key to balancing contribution profit with customer experience and lifetime value (CLV).
"With SoundCommerce, we track order and customer profitability on the fly," said Katie Sellers, Senior Finance Director at Mejuri. "Our teams across the company see exact margins and profit -- accurate to unique orders, shipments, and customers -- as orders flow. We can make decisions based on the day's activity and operating profit drivers and detractors. And we've eliminated our reliance on averages from the general ledger obscuring our variable cost and contribution margin details."
Real-Time Accounting of Order and Customer-Accurate Profits
SoundProfit 360 offers granular variable revenue and cost accounting of discounts and markdowns; cancellations, returns, and refunds; product and category cost of goods sold including customization and personalization costs; digital marketing campaign costs of acquisition and retention; tax; user credits, gift cards, and other stored credit; and shipping revenue and cost for each unique order and customers -- processed as customers shop and orders flow.
SoundProfit 360 groups order-accurate variable cost and profitability data by customer to track shopper-specific contribution margin customer lifetime value (CLV) — net of discounts, returns, landed COGS, acquisition and retention marketing spend, and fulfillment and delivery costs.
SoundCommerce helps consumer brands and retailers:
- Analyze real-time product, order, and customer contribution margin and profits
- Act on real-time awareness of COGS and gross profit by product SKU variation including promotions and markdowns
- Track and allocate digital marketing spend by source, medium, and campaign to exact order and customer IDs — with support for flexible and custom attribution modeling
- Reconcile actual fulfillment and shipping costs to unique orders, shipments, and customers
"With COVID and recent market dynamics, tracking variable costs in real time becomes even more important. We've seen swings in our cost of goods sold along with our digital media customer acquisition costs," said Majed Masad, COO at Mejuri. "Shopper behavior is also less predictable today, requiring more creative experimentation in merchandising and marketing," he said. "SoundCommerce allows us to track the exact impact of these variables on our profitability as we make real-time decisions regarding assortment, promotions, inventory, marketing, and fulfillment."
Profitability Data Wherever Decisions are Made
SoundProfit 360 presents revenue, cost, and profit data for immediate action by business decision makers. Profitability waterfalls are order specific and aggregated by time and channel within SoundCommerce reports.
Revenue, cost and profit values are also appended to each order and customer record, available for direct query in data warehouses such as Snowflake and Google BigQuery, and BI tools like Looker and Tableau — and for direct orchestration into downstream systems including ecommerce, CRM, CDP, ERP, OMS, WMS and 3PL and EDI partners.
All the Data in One Reconciled, Finance-Validated Model
SoundProfit 360 integrates all sources of variable unit economics data including ecommerce, point of sale (POS), order management and ERP, digital marketing channels and web analytics, ship manifest, 3PL warehouses, and parcel post carriers. Variable unit revenue and cost information is collected and reconciled from disparate SaaS and legacy systems as fast as the source APIs can present the data.
Immediate Availability, Affordable and Predictable SaaS Pricing
SoundProfit 360 is available with the SoundCommerce data platform, priced as a modular fixed monthly subscription with no hidden fees for setup, data integration or data validation.
SoundProfit 360 is available today for pre-holiday 2020 deployments. More information is available at soundcommerce.com/overview