Fashion e-retailer, ASOS, is using real time pricing software to help boost its revenue. The software is supporting buying and merchandising departments by pulling in data from across the web such as competitor pricing to keep decision makers up to date with industry actions.

Maria Hollins, Retail Director at ASOS, said: “At ASOS, being first for fashion means being always competitive and having just the right assortment. We’re using Editd every day to help us make critical buying and trading decisions”.

The idea behind the software is that it will enable more informed decisions on which products to stock as well as how to price them. A recent 37% increase in revenue and 33% rise in sales figures shows that the pricing software tool is working since ASOS started using it twelve months ago. As a result, two hundred of the e-retailers staff have access to the software, provided by data firm Editd, to help with their everyday decision making.

Anthony Benham, business change manager at ASOS, said: “In today’s fast-paced environment, buyers and merchandisers are under pressure to know every data point that affects their world, but can’t possible have time to do it all themselves. Critical decisions around pricing, assortment and discounting, and keeping an eye on what’s going on across markets is a full-time job. Editd lightens the workload for these people by letting them do all of that without having to travel”.

Editd reports to run the world’s biggest apparel data warehouse, which global and local retailers use to track the market, align product assortment and trade with competitive intelligence. Its software is the market leader in real­time analytics of pricing, assortment, and deep product metrics for apparel professionals in merchandising, buying, trading and strategy. Used by the world’s best fashion retailers, like Gap, Target and Gilt Groupe, across five continents, Editd helps buyers and merchandisers to make the right trading decisions.

Julia Fowler, EDITD co­founder says: “ASOS is a perfect example of how to make the most out of real­time data. It not only helps them understand ever­changing demand, but they can now significantly reduce wastage by making less mistakes in pricing and assortment, and therefore maintaining and accelerating their growth and overseas expansion”.

The company comments, “Retailers are turning to Editd to help them understand and optimise for demand, trends, products, price architecture and regional differences. Basing decisions on data and facts means that retailers can confidently price products and buy into the trends their consumers want and reduce poorly bought stock, which would have otherwise ended up discounted or in disposal”.

Source: www.editd.com