Used right, retail intelligence increases revenue by over 8%
Retail intelligence is imperative for brands to implement in their everyday processes to stay competitive in today's current landscape.
Real-time retail data helps businesses grow. The EDITED customer base who continue to implement retail data in their strategies have seen clear ROI, scoring big financial gains.
When publicly listed retail businesses post their end of year financials, industry analysts pour over the results to spot opportunities and advise investors. At EDITED, it’s one of the ways we know that our customers are using our Retail Decision Platform to impact their businesses. It’s an opportunity for us to give a big thumbs up to the EDITED users we love working alongside (and a chance to give the team here a big pat on the back!).
So we were pretty pleased when the end-of-year reports from all of EDITED’s publicly listed customers showed an average 8.62% growth in revenue for 2018-2019.
Among those leaders is the amazing 65.6% growth from one of the world’s biggest activewear retailers, 16.9% from an iconic century-old outdoor retailer and 11.8% increase at one of Italy’s largest online luxury retailers.
But it doesn’t stop there. Those companies that use EDITED most, ensured its revenue also pointed towards an upward trajectory.
The top five companies whose buying, merchandising and planning teams are most active — using pricing analytics, creating global comp shops, reviewing real-time dashboards and acting upon retail reporting — grew revenue by an average of 8.3%.
Looking closely at the companies whose staff were the busiest EDITED users throughout 2019 and there was also an amazing 8% average growth on year-end revenue. That included an outstanding 47.8% growth from globally ambitious boohoo. Their slick team are EDITED pros, who’ve overhauled their comp shop processes. Data has been embraced across the organization, driven from the very top.
That kind of revenue growth is a big signal that a business’s processes and product are right. Large increases often indicate a reinforcement or change of strategy and a commitment to core values well-communicated through the company. That’s no mean feat in a retail climate like today’s, where retailers are working to overcome more obstacles ever faced in the industry such as working through COVID-19.
A massive well done to our customers who’ve done amazing things (you know who you are!), it’s hugely rewarding to work with industry leaders and retail visionaries.
Want to see how they do it? Reach out to a retail specialist today.