Recently online fashion retailer Asos has claimed, by using Editd’s dashboard they have raised their profit line by 37% in the last quarter of 2013. As per their comment, the data insights helped them to speculate and fix up the pricing’s which have boosted the sales turnover.
How it worked
Editd, is a London startup which is specialized to sum up and analyze fashion trend and Retail information from retail sites, industry mood boards, social media and blogs. It has proved itself to be so effective that Asos has signed up for 200 of its fashion buyers to receive access to their site.
Not only that, Asos has also agreed to literally double its subscription to the service of data insight following an 18-month experiment. Asos did not forget to reveal that Editd’s information on pricing worked as the main tool to drive revenues and a 33% increase in sales.
Geoff Watts’ opinion
The Guardian has reported that Editd’s chief executive Geoff Watts has described the startup’s real value as its contribution in helping buyers make right decisions on the information provided through the data. He also added that basic retail operations consist of buying and selling. So if the right product is available at right price it definitely hits the sales goal. Therefore Editd no doubt is playing a great role for the retailers by helping them to make the right decision depending on the data analysis. He also said though Asos is not the largest
Maria Hollins’ observation
An accessible front-end allows buyers to compare the brands that are performing well as well as look at price-points for specific trends. Asos’ retail director Maria Hollins, also highlighted this point by emphasizing on making the right decisions faster than their competitors. She said Asos, aiming to be first for fashion means it always needs to be competitive and with right assortments. Hollins further said. That they are using Editd on a every day basis while formulating critical buying and trading strategies.
This service helps the fashion buyers to decide depending on a number of data points, including making a thorough analysis by price points or brands. It also makes the customers aware about the latest trends in real-time, with additional support to the buyers by enabling them to receive alerts.
The real-time analysis is effective to understand the ever-changing demand of the market. And thus companies can reduce wastage by making less mistakes in pricing and assortment. It is extremely important in maintaining continuous growth and development of business within the country and also in terms of overseas expansion.