#EcomInsights: How data insights can drive the growth of ecommerce brands

#EcomInsights: How data insights can drive the growth of ecommerce brands

In the first edition of our #EcomInsights series, we spoke to Alex Weston, Head of Partnerships at Brightpearl about how ecommerce brands can utilise reliable data and automation to drive the growth of their businesses. 

 

 

Introducing #EcomInsights, the series where we speak to the industry’s best-known tech tools and platforms about how brands can tackle challenges facing the ecommerce industry.

In particular, we’re looking to ecommerce experts to address the problems presented by the current economic climate, offering advice to help brands tackle rising customer acquisition costs, boost retention and maximise the lifetime value of their customers. This time, we spoke to Brightpearl about how their industry-leading Retail Operating System can help.

 

Tell us about Brightpearl.

 

Before we get into what Brightpearl is, we should first mention what it isn’t. Brightpearl isn’t a traditional ERP or a standalone solution (like an OMS) – it’s truly so much more than that. Brightpearl is a scalable, retail-focused operating system that gives modern retailers and wholesalers the tools they need to grow.

At the core of our centralized solution is our powerful Automation Engine. It’s proven to cut costs, reduce errors and save merchants hundreds of hours. There’s also our market-leading inventory planning tool and our game-changing benchmarking and analytics tools. And that’s just for starters!

 

With the landscape of fulfilment and retail logistics becoming increasingly complicated for business owners, how does Brightpearl help businesses scale? 

 

Operations ‘after the buy button’ have always been a challenge for retailers – and that’s before you throw in a cost of living crisis, supply chain inconsistencies and a pandemic.

Here’s two ways Brightpearl can help businesses scale right now:

  • Automation. Brightpearl eliminates human error and inaccuracy by automating the back office, including fulfillment. It saves merchants time and money and boosts customer experience (which increases retention).
  • Inventory planning. While understocking was a big problem during the pandemic, now the problem is excess stock (it ties up vital cash and takes up costly space). Brightpearl’s Inventory Planner tells merchants exactly what to order and when to order it. It flags up overstocks before they become an issue and frees up cash to reinvest in growth.

 

With the rising costs of customer acquisition, many brands are shifting their focus towards retention. How can brands utilise data to enhance their retention efforts?

 

 

Modern consumers are a fickle bunch – if they can’t get what they need from a brand, they’ll shop elsewhere. Running out of stock or not being on the right sales channels can be fatal errors for retailers – but data is the antidote. It gives brands the power to make smarter, faster decisions that ultimately boost customer retention.

Merchants should identify underperforming channels by benchmarking against other peers in the industry. Doing this will allow them to compare their performance to similar businesses in the industry and overtake the competition.

 

What advice would you give brands to tackle the challenges posed by the cost of living crisis and sustain effective growth?

 

The cost of living crisis means consumers are spending less, so merchants need to change the way they spend. Retailers must have access to a real-time overview of their whole business, including a system that flags up which products are moving the quickest on each channel (so they can double down on it) and identifies slow-moving stock (so they can make changes like promotions).

With costs rising and shopping trends ever-changing, spreadsheets are no longer sufficient. Merchants must have accurate, reliable data at their fingertips. If they can’t answer questions like ‘which products are bringing in new customers?’ or ‘which channel is driving the most CLV across each territory?’ then it’s time to find a tool that can.

 

About #EcomInsights



#EcomInsights is a new series from Underwaterpistol where we speak to the industry’s best-known tech tools and platforms about how ecommerce brands can tackle challenges facing the industry.

Follow along for insights from the experts on how to drive the growth of your business and overcome problems that come up along the way.

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