EDITED Draws on Big Brand Expertise to Launch myEDITED
Today, EDITED, the leading global retail intelligence platform, launches myEDITED, drawing on the expertise of merchandisers, buyers, and retail strategists from the world's biggest brands.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230919568795/en/
Interface Example (Photo: Business Wire)
myEDITED is a new feature of the merchandising experience platform with an easy-to-use question-and-answer interface. This update will more quickly and efficiently supply retail professionals with key insights into their business performance powered by both internal and market data.
Doug Kofoid, EDITED CEO, comments: "We believe this new interface will be a game-changer for retailers. Merchandisers, buyers, and planners will no longer have to dig through multiple data sources to surface valuable insights. myEDITED will not only supply them with the right questions they should be asking, but also combine both their internal data and competitor market data in one simple dashboard."
The questions and corresponding insights have been devised by a team led by Brian Tomz, EDITED's Chief Product Officer, and Victoria Giles, EDITED's Senior Director of Product Marketing, formerly a enior buyer for the UK fashion brand Miss Selfridge. The process of devising the interface involved the EDITED team surveying their User Advisory Board - comprising the likes of Puma, US clothing giant PVH, and Coach New York - and other existing customers. The platform's internal team of former merchandisers and buyers also offered their expertise during the process supported by renowned Chief Retail Scientist Michael Ross.
The myEDITED interface answers some of the most common questions asked by EDITED's customer base, including, "Which products are price increase candidates?" and, "What are the assortment gaps?" Example insights that cover an array of business performance areas include, "Product profit per units sold" to "Average discount across a particular sector" during a specified time period.
Brian Tomz, EDITED's Chief Product Officer, remarks: "The EDITED team has vast experience within the retail sector, including the likes of the former Head of Global Merchandising at Gilly Hicks, Abercrombie & Fitch's lingerie brand, and GANT's former Head of Global Business Planning. We have pioneered what we believe to be a hugely powerful tool based on their insights and those of our customers from across the globe. Decisions on buying and merchandising will not only be backed by their internal retail data but one of the largest sources of market data in the global retail market with the ability to make comparisons over multiple different time horizons."
The questions and insights cover a number of themes, including assortment, pricing, and inventory strategy, which are a central focus of EDITED's customers. myEDITED also surfaces insights into metrics that are usually difficult to access through standard reporting, like inventory not on site, new customer placed order value, and return rates.
Kofoid adds: "This first iteration of myEDITED is the result of our software engineers designing the interface. However, in the near future, we envisage the interface being powered by generative AI with the ability to answer a vast multitude of questions which can return both niche and an even greater amount of insights."
The launch of myEDITED follows an investment of $15 million into the business by US venture capital firm Delta-v Capital in March 2023 and the recent launch of EDITED's Merchandising Experience Index, a first-of-its-kind benchmarking tool to help retailers transform their merchandising from product-centric to customer-centric.
EDITED is the world's leading AI-driven merchandising experience platform that empowers brands and retailers with real-time decision making power that drives profit and inspires customers. We help retailers increase margins, generate more sales, and create better business outcomes through AI-driven market and enterprise intelligence that fuels automation. By connecting business analytics and external market data, the world's most successful brands and retailers are using EDITED's platform to get closer to their best customers and future-proof their business. For more information, visit www.edited.com.
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