It’s no secret that data are key to our (increasingly) technologically dependent world, its input being the driving force behind all AI development. Often hailed as the “new oil,” not only because of its substantial value to any business using it, but because ‘it must be refined and processed, to be turned into something useful.’ (As quoted by mathematician Clive Humby).
Data in fashion and e-commerce works a little differently than in other industries. It’s very action-focused, we want the customer to do something. However, what the customer actually does is not in control of the business owner. We can stimulate a potential buyer to do something (e.g. make a purchase) but the final decision ultimately is outside our control — no matter how much we (the business/brand) believe in our product, customers have to believe in it too.
Data in fashion and e-commerce helps to understand the factors that drive decision-making. Depending on how you handle data, it can be your worst enemy or your best friend. Knowing how to harness it with the right tools and capabilities gives you access to data’s true potential and will help you reap the rewards for your business (revenue, relevant insights, happier customers). But fail to read and analyse data correctly and you’ll make misinformed strategic decisions that will cost you a lot of money and potentially even your business.
If you have a dedicated data team or a couple of professionals in your team that are handling it, you’ll be in good hands. More often, however, there’s no time, or resources to invest in fully functional data capabilities. In these situations, outsourcing data management and analysis can be a game-changer. Having an external data team on call when you need them, helping you improve the business and make more profit, without needing to invest in building an entire infrastructure.
We felt the market’s hunger for a novel way to turn boundless amounts of data (that e-commerce and advertisements constantly gather) to generate better insights, fuel financial reward, and help guide better strategic choices. Therefore, adding data management, analysis and consultancy as a service was a logical step for our offering.
A step that would provide strong insights through KPIs such as revenue, returns, by-product sell-through rates, ad performance (and more) to improve our client’s performance and generate more income. We did this through the use of AI, smart learning, smart automation and dashboarding. This is a service we incorporate as part of our 360 approach for clients.
We’re passionate about all things data and are striving to make it more approachable, so you can expect regular updates on this topic. Get in touch if we can help guide your team to a better understanding of data, or if you’re ready to increase your revenue with the help of our experts.
By Bram Verleur
Head of Data at Not Selling Liquid