In the world of luxury, consistent price positioning is key across retail and wholesale channels. Luxury retailer Chloé recognized the opportunity to streamline its pricing strategy using market intelligence and real-time data with the EDITED Retail Market Intelligence Platform.
Alenn Lao, E-Commerce and CRM Director at Chloé says, “Tracking price changes efficiently was a pain point we were looking into across our retail and wholesale networks. With EDITED, our teams are immediately notified of any changes in prices and discounts, ensuring consistency between us and our partners. Through its easy to use platform, EDITED data gives us insight into the necessary actions and key decision making needed to support our online business.”
The Paris-based company, which operates 228 monobrand stores, reported a revenue of €91 million at the end of March 2019. As the retailer continues to grow its e-commerce channel, understanding how its competitors position their product and pricing is critical in recognizing where there is room to capitalize on gaps in the market.
Nicolas Lo Duca, Chief Data Officer at Chloé says, “It’s very critical to have this type of data, and to have a more data-driven approach to these kinds of decisions.”
The analysis Chloé achieves with EDITED doesn’t stop at competitor data. The digital team exports reports on a weekly basis that includes pricing and discounting data found at their wholesale partners, to ensure they are following promotional guidelines. Before using EDITED, the manual process of benchmarking and checking each of their partner’s websites for any pricing discrepancies or unauthorized discounts was laborious, which initiated the search for a tool that could optimize this process.
With access to data on over 140,000 brands and retailers, the Chloé team works more efficiently and allocates valuable time back into actual decision making.
Khanh-Linh Diep, Digital Business Analyst at Chloé, says, “We have to react in real time. Having these reports each week allows us to have all the information we need to support all of the commercial teams. We have access to the data we need faster, with a level of detail that would be impossible to find without EDITED.”
This type of data also includes analysis around promotional activity and frequency. Knowing how and when competitors are communicating with customers via newsletters or website updates allows Chloé to adjust its sales strategies, especially during key discounting periods throughout the year.
Implementing this kind of analysis has allowed Chloé to streamline its decision making processes. From manual comp shopping and benchmarking to a stronger data-backed analysis, the transition to incorporate EDITED was seamless.
“The onboarding process was perfect. Even during COVID, it was really smooth and implemented across digital. We hope to expand the use of EDITED across all other teams,” says Nicolas Lo Duca.
