The new EDITED Home™ suite provides homeware retailers with the competitive data needed to dynamically set the right assortment, pricing and promotions in a competitive ecommerce marketplace.
NEW YORK, NY – May 19, 2021 – Propelled by the pandemic, the opportunities in the homeware ecommerce space have proven lucrative but competitive, encouraging existing home retail giants and new entrants to take an eCommerce-first mindset and move quickly.
Today, EDITED is expanding its market data collection to include homeware, aiding retailers in navigating this market. With real-time global data from 40+ markets, the Retail Market Intelligence platform, EDITED Home, gives retailers actionable insights to accurately plan out their home collections. This unparalleled visibility eliminates the guesswork when it comes to assortment planning and pricing – thereby maximizing profits and minimizing the number of unsold goods.
“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 Market Director at La Redoute. “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 Home, apparel retailers can easily move into this sector and become a one-stop shop. By expanding into new categories and offering a broader assortment, it strengthens brand loyalty amongst existing customers and increases brand awareness to homeware enthusiasts. Based on EDITED data, lifestyle brands saw a 104% increase in homewares, where over half of their online stock sits within this category. These businesses have managed to continue to bring in newness by concentrating on home accessories.
According to Julia Barnes, Senior Buyer – Home Decor at N Brown, “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 has supported us in creating our range landscape, along with any pricing and launch decisions. With in-depth market analysis, EDITED has supplied us with actionable insights, influencing product decisions around color palette, prints and shape.”
The rise of work from home culture, social media and Generation Rent also means consumers want the latest interior design trends at an affordable price. EDITED data found fast fashion businesses specialized in entry-level home accessories such as pot plants, candles, cushions and throw rugs, which have grown 36% YoY across the US and UK combined. Retailers will be able to ensure they are supplying the right products at the right price for this growing demographic.
With EDITED’s recent acquisition of DynamicAction, an internal retail analytics firm, retailers will now have visibility into both external data and their internal ecommerce performance data. Together, the combination of the two products turns insight into action, closing the information loop while enabling retailers to set the perfect assortment and pricing.
Since 2009, EDITED has used artificial intelligence, sophisticated analytics and image and text recognition to understand pricing, discounts, assortments and trends in real-time across the retail industry. EDITED’s software is built by a team of world class data scientists and engineers working alongside former buyers and merchandisers from global brands and retailers.
EDITED is the leader in Retail Market Intelligence. We help retailers increase margins, generate more sales and drive better outcomes through AI-driven market data, analytics and research. Brands like Puma, John Lewis, Marni and Tommy Hilfiger use the EDITED suite of Market Intelligence products to create retail strategies and make better assortment, pricing and promotion decisions everyday. For more information, visit www.edited.com.
US: +1 646 606 2790
UK: +44 (0)20 3369 9811