Tech driving margin growth
Retailers benefit from Mallzee’s pioneering customer data
Cally Russell: ‘authentic customer opinion’
Retailers taking part in a menswear trade show in London will be offered pioneering direct feedback from consumers through a tie-up with Glasgow-based retail analytics firm Mallzee.
Exhibitors will benefit from 38,000 customer opinion and insights on their products being showcased at Jacket Required later this month. Thousands of buyers visit the show every season from independent retailers, department stores, online retailers and multiple retailers.
The partnership with Edinburgh-based Mallzee is designed to help drive sales and support opinions on products with hard data in a challenging retail environment in which retailers are taking fewer risks on stock.
Cally Russell, founder and CEO Mallzee Insights, said: “Jacket Required enables us to deliver the first ever fully personalised interactive data driven trade show, generating over 38,000 customer opinions on the actual products being showcased at the show rather than just talking about data. Exhibitors can then benefit first-hand from receiving authentic customer opinion and insights on their products.
“The retail market is tough and with consumer behaviours evolving more rapidly than ever before, the ability to add customer opinion on products into the decision making process helps protect retailers against over and under stock positions which crucify margins.”
In an article, he wrote: “It’s our vision at Mallzee Insights to make customer feedback and product testing a core pillar of the product development process. We want to see a Mallzee Performance Score attributed to every product before decisions are made about whether or not it should be stocked, in what depth and who it should be targeted to.
“Our experiences working with retailers big and small, over the past 18 months has shown that with collaboration between buying/merchandising teams and customer insight data, amazing results – up to 6.1% gross margin increase – can be generated.”
Adam Gough, event director at Jacket Required, added: “It is our combined vision to make retail better and more efficient, helping brands and retailers bring the right products to market, empowering buying teams with compelling data driven insights over ‘gut’ decisions, and move away from financially unsustainable strategies.
“Pre-release product testing solutions is also another important tool in enabling designers and brands to create less unwanted stock and reduce waste in their journey to becoming more sustainable.”