Summary

• Retailers are often very good at understanding their internal business performance, but without market insights, they can have significant blindspots. 
• By adding market data to their existing data lakes, retailers gain enhanced visibility and can unlock deeper business insights.
• EDITED’s retail API provides access to comprehensive market data, supporting decision-making and profitability.

Introduction 

What if you could bring competitive, customer, and performance data together for full visibility and were then able to share that data so your entire business could unlock even deeper insights? 

You may already have a data lake to process your customer and internal business data, but there is a way to enhance it for a more complete picture: adding market data.

Optimizing Your Reports With Market Data

In the fast-paced, hyper-competitive world of retail, relying solely on internal data can leave you with significant blindspots when it comes to understanding your performance and adjusting your strategy. 

Retailers often miss crucial insights because they are unaware of the products and pricing their customers encounter from competitors. This lack of comprehensive visibility can result in missed opportunities and hinder profitability.  

Whether you are already leveraging EDITED’s platform for retail intelligence and want to easily share the market data with the rest of your organization, or you aren’t an EDITED customer yet, but want to take advantage of the world’s most complete set of retail competitor product data, our retail API is the answer.

*You can still leverage EDITED’s market data even if you aren’t ready to implement the full platform.  

Real-Life Examples

Our APIs allow direct access to specific segments of market data (think particular retailers, geographies, etc.) and integrate with whatever visualization tool your company has adopted, such as Tableau or PowerBI.  

Access to these insights has helped several retailers remove blindspots, gain insights, and contextualize their strategies. Businesses can understand competitors’ decisions, how their performance compares, and how consumers react. For example: 

• A Korean retailer leverages EDITED’s raw data via our API on a monthly basis. This context allows them to support decision-making for their local brand by identifying key trends to capitalize on with a short lead time and conducting strategic deep dives into growth opportunities. Specifically, the team used EDITED Data to identify the demand and scope for offering larger sizes outside their traditional small-large selection. They actioned this new range, and have since seen an increase in sales of styles that were previously struggling.  

• A global sportswear brand created an automated report to update prices on one of its key wholesale partners. They identified that their wholesale partner prioritized fulfilling customer orders through the marketplace stock when the price of the product was the lowest.  With this information, the brand could automatically ensure their price was the lowest at this critical moment by feeding EDITED’s raw market data into their internal systems, leading to a €3 million increase in sales. 

Only Access the Data You Need

By incorporating market data, retailers can enhance their data lake, and, ultimately, their decision–making. 

At EDITED, we’ve been collecting data for 12+ years across 140K+ brands in over 110 countries. But, you don’t have to drink from the firehose – all or any segment of this data can flow into your retail data lake, so you only get the data you need, and can cut out the noise from data you don’t. 

Conclusion

No matter where you are in your journey, EDITED can support you from the beginning of your data integration process by simply providing market data, to offering the most detailed insights specific to your business needs with our full platform.  

Schedule a meeting today to learn more about how market data can fit into your business and how EDITED can assist with your specific data needs.  

Want to learn more? Watch our 15-minute API webinar here.