It has been reported that a brand new business intelligence (BI) product aimed at fashion brands has launched by eShopbox. The company, which provides an on-demand e-commerce technology service, says that eShopbox Insights is a first-of-its-kind BI tool and will be exclusively for fashion labels. The entire solution is aimed at making retailers’ lives easier, with side-by-side product comparisons and data from consumer behaviour enabling firms to boost their bottom line and become more competitive.
BI tools are becoming increasingly in-demand from companies around the world that recognise they need consumer data if they are to correctly target their advertising and marketing campaigns. The Insights tool is able to process billions of data records every day, meaning it can handle big data requirements and help retailers to address the emerging issue of having so much information that it is challenging to analyse.
Aimed at fashion brands, eShopbox's BI tool will ensure that retailers can draw all their business information into a single place. The solution can monitor product performance and help executives to maximise their marketing strategies. There is also a way for users to plan end-to-end management for product assortment and inventories by analysing a company’s consumer behaviours.
The company also revealed that Insights is able to track a single product’s lifecycle and compare this with similar products at an industry benchmark level. This means that labels would be able to better determine which of their products excelled, especially against their competition. Insights can also gather product attributes and details simply, giving users a concise and intuitive view. It will also be easy to find a product’s main KPIs, such as average discounting, sell through ratios, profitability and sales velocity during a set time period.
By being able to gather this data and gain an analytical overview, firms will be able to optimise their promotions and offers, not only across a store but also on individual products; in addition, inventory levels can be more easily managed, helping to minimise dead stocks and monitor size-specific sell-outs to maximise profit. Pricing can also be viewed side-by-side with competitors, ensuring fashion labels are selling at a competitive price point to avoid disappointing sales.
With BI tools becoming essential in modern business, many retailers will be interested in eShopbox's innovative and fashion-focussed new solution. At the moment eShopbox offers the tool to its clients, but expects to make the BI app available as a software-as-a-service solution in the future.
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