Promotion Optimization for Retail Sales

Promotion Optimisation at Harrods

I spearheaded a Proof of Concept project aimed to optimise promotion thresholds during Harrods’ January sales. This initiative was designed to enhance the effectiveness of their promotional strategies, resulting in a significant annual revenue increase.

Problem

Harrods faced challenges in maximising revenue during their January sales due to suboptimal promotion thresholds. The existing strategy did not fully leverage data-driven insights to enhance promotional effectiveness, leaving potential revenue on the table or resulting in unsold stock.

My Contributions

As a Senior Data Scientist, I developed a model that identified optimal promotion thresholds. This solution provided actionable insights for retail teams that informed strategic shop-floor decision-making.

Outcomes

The project led to an impressive £500,000 revenue uplift, demonstrating the power of data-driven strategies in retail promotions, and was taken to production the following sales period.