French multi-channel retailer, La Redoute isn’t new to the digital space or using Market Intelligence to create airtight assortment strategies. After years spent as a catalog retailer, Michael Truluck, CEO of International at La Redoute, knows the formula well, having played a pivotal role in taking the company digital.
“La Redoute’s objective is to be the ‘Preferred Lifestyle Platform for Families’ and to achieve this we are consistently making sure we’re offering customers the right prices, services, inspiration and styles on a localized level.”
“And to do that,” he says, “we use EDITED. It gives us 360 visibility across our core markets. We can see where we’re positioned in terms of price, discount levels and newness. These insights help us justify our decisions with increased confidence and speed. Because, in this business, we all know timing is everything.”
In the wake of COVID-19, lockdowns and quarantine measures turned housing environments into multi-functional living spaces requiring a myriad of new homeware commodities. Alongside the adoption of new work from home environments, homeware is taking center stage with retail data helping retailers navigate this lucrative market.
“The homes category at La Redoute UK has grown significantly over the past few years with further acceleration throughout the COVID-19 pandemic, now accounting for around 60% of our sales. Understanding the ins and outs of this market as well as we do the fashion vertical is the key to our future success,” says Paul Carmichael, Digital Marketing Director.
“EDITED gives us the ability to identify market trends and customer needs so we can create a bespoke, data-driven multi-channel plan to capitalize on new retail opportunities. Visual merchandising is used regularly by the team, allowing us to see current and historical customer messaging, stories and campaigns our competitors have distributed.”
Using EDITED Market Analytics to monitor its range architecture and its competitors, the La Redoute team can pinpoint top-moving products, styles and colors within homeware to optimize its price points.
“It’s really useful for us to go into trade meetings with what’s trending in the UK market and what’s up and coming,” says Jess Langton, Product Trading Manager at La Redoute . “The French market is very different so we need to understand what the right products are for our customer.”
The French market is the biggest market by far for La Redoute, accounting for roughly 60% of demand across the category. With the UK market becoming just as crucial, the buying team is constantly feeding insights to the wider business on what’s working, focusing on pricing and which categories are in line with the rest of the market.
As people behind the retail scene know, designing, pricing and marketing a new line requires an understanding of the consumers who will buy it. As La Redoute continues to prioritize their omnichannel strategy and digital ecommerce business, knowing what messaging will resonate with consumers is key to stocking desirable products.
“We use EDITED Visual Merchandising on a weekly basis to see what different retailers are doing at any given time,” says Sarah Link, Senior Marketing Manager at La Redoute. “Having a historic view of what email campaigns or landing page updates look like in terms of messaging and imagery helps us see what the competition is focused on. Are they focusing on promotions or content heavy trend stories?” With this information, the Marketing team can communicate product launches and time promotions perfectly to tell the right stories that connect best with its core consumers.
With the explosive growth of ecommerce further fueled by COVID-19, retailers armed with actionable data are poised to gain unparalleled insights into market opportunities. Leveraging Market Intelligence is more crucial than ever for real-time updates, insights into global markets, and greater visibility to product distribution patterns to optimize assortment, pricing and promotional strategies.