Predictive analytics drive specialty retailer’s new product intros
New product introduction volume continues to increase. Lilly Pulitzer’s analytics platform helps hone in on the winners.
In an omnichannel world, customer satisfaction is key, which means merchandise must be available when shoppers want it. By extending its partnership with First Insight, Lilly Pulitzer will continue to use predictive analytics to make faster and more accurate design, buying and pricing decisions, and gain the insight needed to mitigate risks associated with new product introductions.
For example, its not uncommon for Lilly Pulitzer to navigate among thousands of new products and designs. The retailer begins to streamline its journey by engaging customers through online social tools to gather real-time data on new products. This data is filtered through predictive analytic models to determine which products present the greatest opportunity.
“First Insight’s analysis of consumers’ merchandising preferences, print favorites, and style trends provides our teams with pre-season insight into new product performance, giving them more confidence in the buying decisions and allowing us to tailor our assortment to match our consumers’ needs,” said Kate Kenny, VP of merchandising and planning, Lilly Pulitzer.
Leadership shakeup, layoffs at Etsy
There’s been a couple of change in the C-suite of hand-made goods marketplace Etsy.
The company said chairman and CEO Chad Dickerson is stepping down, to be succeeded as CEO by board member Josh Silverman, effective May 3. Fred Wilson, who has served as lead independent director of the Etsy board, since October 2014, will succeed Dickerson as chairman.
Also leaving the company is John Allspaw, Etsy’s chief technology officer. He will be succeeded by Mike Brittain, Etsy's vice president of engineering, while the company searches for a permanent replacement. Etsy also announced that it expects to eliminate about 80 jobs, or 8% of its workforce.
Etsy announced the changes in its first-quarter earnings report. The company posted a loss of $421,000, down from after earning $1.2 million a year ago. Revenue totaled $96.9 million, below expectations.
Outgoing CEO Dickerson joined Etsy as CTO in 2008, and was named chief executive in 2011. In a statement, he said “the board decided that it was time for new leadership to take Etsy forward and I support that decision.”
"On behalf of the board and the entire Etsy team, I want to thank Chad (Dickerson) for building Etsy into the wonderful company that it is,” stated Wilson. “Over the last six years as CEO, Chad has transformed a chaotic startup into a world class company, and in the process grew the revenues our sellers make over nine times, the revenues Etsy generates almost fourteen times and the operating profit Etsy generates almost fifteen times. And in doing that, Chad never lost sight of the original vision and the unique culture that makes Etsy the very best home for creative entrepreneurs. We have benefited greatly from his leadership."
Silverman most recently served as president of consumer products and services at American Express. Prior to that, he was CEO of Skype, CEO of shopping.com, an eBay company, and held various executive roles at eBay. He was also a co-founder and CEO of Evite, and he currently serves on the board of directors of Shake Shack.
Staples continues to explore sale
Two private equity firms are “actively” exploring a buyout of Staples, according to a report by CNBC.
Cerberus Capital Management and Sycamore Partners have emerged as the leading frontrunners pursuing a deal, the report said. While other private equity firms, including Clayton Dubilier & Rice LLC, Advent International Corp and Bain Capital LLC, held discussions with the retailer include, they appear to be walked back and are less interested in the deal.
According to the report, some prospective buyers have become put off by the challenges Staples faces as it shifts its emphasis from mainly serving consumers to catering to companies, the report said.
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