Propelled by retail data, homeware is poised to be the biggest winner in a post-COVID retail world with the sector forecasted to reach $838.6 billion by 2027. Online retailer N Brown launched its Home Essentials brand in April 2020 and is focused on building a strong assortment and pricing strategies within homeware.
“EDITED has given us great insight into shaping both our long-term and short-term trading plans. Particularly for our homeware categories, the Market Intelligence Platform has supported us in creating our range landscape, along with any pricing and launch decisions,” says Julia Barnes, Senior Buyer – Home Decor. “With in-depth market analysis, EDITED has supplied us with actionable insights, influencing product decisions around color palette, prints and shape.”
With real-time global homeware data from 40+ markets, retailers like N Brown use EDITED’s homeware data to maximize profits and minimize unsold goods. The pre-planning stage is an important time for N Brown to ensure they build out the best range that will resonate with their customers. It’s a big reason why the team uses EDITED for range optimization so they can compare its products to the rest of the market, noting variances in assortments and top performing products – all while recognizing key opportunities.
One of which includes competitor communications analysis. Using the EDITED Visual Merchandising tool, the Buying team at N Brown are able to analyze specific stories its competitors are translating across homepages and newsletters to see how they’re engaging with consumers.
“We look at homepage screen grabs on a weekly, daily and hourly basis in certain instances. EDITED has given us more rich content and day-to-day analysis, which has allowed our teams to focus more on analyzing the data and making actual decisions with it,” says Julia Barnes. The team also uses this function to monitor email communications during key sale periods like Black Friday and determine when competitors are communicating discounts and how long the promotions lasted.
When trading in today’s market, it is important to see what’s happening in real-time and react quickly to what’s working and what isn’t. Julia Creasey, Buyer at N Brown, says “One of the most important things to get right is range sizing. With EDITED we can see top-moving styles and colors that we should bring to our own assortment, if not there already, and pinpoint where we can be over or under indexed to avoid sellout or inventory issues.”
With the coronavirus pandemic affecting consumer spending habits, N Brown was quick to recognize the potential of key homeware categories and push them to market accordingly.
“Last year I worked on garden decor and used EDITED to see what shapes and styles were selling out elsewhere in the market and if they had presence in our own ranges,” says Julia Creasey. “For example, when it came to water resistant products we could see the split of sellouts based on colors, specifically greys and navies. EDITED was able to help us build out our core color palette and really determine what would be a good seller.”
Retail Market Intelligence will play a massive role in positioning homeware businesses ahead of the competition. With EDITED, homeware retailers can leverage a wealth of retail data to gain comprehensive analysis on market parameters like pricing, competitor activity and assortment planning for the most profitable conversions.