Working with EDITED, Boohoo stays abreast of trends, products and prices and continues to see double-digit growth.
LONDON – May 31, 2017 – If we’re to take the headlines at face value, 2016 was an unambiguously bad year for retail. But ask a brand or retailer whose teams made extensive use of EDITED retail analytics to inform product, pricing and timing decisions and you’ll get a different story.
That’s because, among other things, those brands and retailers grew by an average of 8%, with heavy users averaging 15% growth, across the industry, from discount to luxury, worldwide.
What, beyond EDITED, did these brands and retailers have in common? For one, the awareness that success in an increasingly competitive and crowded apparel market required an obsessively personalized confluence of product, price and time. Fulfilling retail’s golden promise of offering the customer exactly what they want, at a price they like, the moment they need it. In a word: personalization. An ambition that’s become an everyday possibility with access to real-time data and analytics. And for that, they rely on EDITED.
EDITED is the industry standard software that leverages the power of Big Data, machine learning and AI to create a retail analytics platform that helps buying, merchandising and trading teams worldwide to understand what products and styles to stock, how to price them, and when to discount or replenish.
Not only has EDITED has been listed alongside Nike and H&M as one of the world’s top 10 most innovative companies in style by Fast Company, it’s also delivered measurable gains for the retailers who use it. Boohoo, who in 2016 reported a 260% return on its stock value and is projected to grow by 50% in 2017, is one example.
“At Boohoo, we are able to deliver new styles to our fashion conscious customers twice as fast as the most trend-led retailers out there,” says Jeff Bancroft, Head of Merchandising at Boohoo. “Thanks to EDITED, we’re able to launch our ranges with confidence backed by real-time data and with full visibility of the competition around us.”
And increase in speed, confidence and market visibility has yielded tangible results with real numbers attached.
“Having access to EDITED data has contributed to the 50% sales growth we’re predicting for this year,” says Paul Horsfield, Merchandising Director at Boohoo. “Being the fastest player in the market continues to be our number one priority as we deliver the latest styles to tech-focused millennial shoppers. Over the last three years Boohoo’s global buying and merchandising teams have used EDITED to stay ahead of trends and have the right products to achieve the fastest market turnaround.”
In 2016, EDITED helped retailers worldwide use real-time data to do more than survive, but thrive. Its cofounder Julia Fowler has been named in Forbes ‘Women Entrepreneurs to Watch’, and is named on the National Retail Federation’s ‘The List of 25 People Shaping Retail’s Future’.
From luxury, where EDITED contributed to the 31% growth at one of the world’s most biggest brands, through to discount the message is clear, EDITED is helping retailers give customers a better shopping experience across the industry.
EDITED helps the world’s best retailers drive sales by eliminating guesswork. The Retail Decision Platform uses A.I. to optimize buying and merchandising decisions, ensuring retailers get their product and prices right every time. This is how the world’s most innovative retailers stay ahead of the competition; including PUMA, Tommy Hilfiger, Diesel, Ann Taylor and the Arcadia Group. For more information, visit www.edited.com.
Laura Kubica Grigerova
Phone: +1 866-450-1549
UK Office: +44 (0)20 3369 9811