Retail has gone through some pretty rough times, globally. Whether it’s economic fluctuations, volatile political outlooks or changes to the supply chain, there are a lot of factors shaping and influencing consumer’s buying decisions. Their mentality has changed in tune with the era we live in. Being social and experience over ownership are key elements that shape and influence consumers’ buying decisions, across all price points.
This year, global retail store closures could break a 20-year record, meaning around 7,000 could be shuttered by the end of 2017. And when people are increasingly making purchases online rather than an in-person transaction, having real-time data to get a competitive edge is what sets successful retailers apart.
Boohoo, a Manchester based retailer, who in 2016 reported a 260 percent return on its stock value and is projected to grow by 50 percent in 2017, is one example. They epitomize ultra-fast fashion retail, and thanks to data, are able to deliver products to customers in less than two weeks, which is double the speed of some of the innovators of fast fashion.
How do they do that? We’ve asked 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. Having access to EDITED data has contributed to the 50 percent sales growth we’re predicting for this year. ”
Another measure of success for retailers is speed. According to research conducted by Goldman Sachs, data from 2016 uncovered a correlation between retailer speed and like for like (LFL) sales growth in 2016. While established fast fashion retailers either stayed flat or lost ground, Boohoo skyrocketed, reporting a LFL sales increase of nearly 30%.
Jeff Bancroft, Head of Merchandising at Boohoo, is another executive who attributes part of the company’s growth to EDITED. “At Boohoo, we are able to deliver new styles to our fashion-conscious customers twice as fast as the currently most trend-led retailers out there,” he says. “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.”
To help retailers outperform is not an easy task, but something our team of data scientists, engineers and analysts are dedicated to deliver. EDITED’s technology uses machine learning to help retailers stay on the top of all trends, no matter how fast they change.
We are incredibly proud to say that entire teams of apparel buyers, merchandisers and planners rely on our data to make decisions about what styles to stock, how to price them and when to bring new products to customers so they achieve the perfect balance of excitement and spot-on profitability without discounting.
EDITED uses AI to help retailers stay on the top of trends, no matter how fast they change.
Encouraged by awesome customer feedback and an average of 8 percent revenue growth last year at retailers who use our software (an impressive average of 15 percent when using EDITED extensively), we shared some of our success stories with Tech Awards powered by Retail Week. We are excited to share that we’ve been shortlisted for both Retail Technology Supplier of the Year and Digital Transformation Pioneer, which is already ranking us in the top 10% of the UK’s retail technology companies.
The results will be announced during the Awards Ceremony on September 14.
The Retail Technology Supplier of the Year is a category voted by you. If you love what we do, vote for us here!
**Updated September 2017**
We’re pleased to announce EDITED was named the Retail Technology Supplier of the Year at Retail Week’s Tech Awards! A huge thank you to our customers and fans for your continued support and making this award possible. We wouldn’t be where we are today without you.
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