EShopbox, an on-demand ecommerce technology and services company, has launched its first-of-its-kind business intelligence platform, eShopbox Insights, exclusively for fashion brands, according to media reports.
The platform has the ability of processing billions of data records per day. With growth of online commerce, BIG Data, analytics continues to become important yet challenging subject for retailers to address. Hence to relieve them from same, EShopbox Insights is being launched as one of the strong and promising business intelligence product.
EShopbox Insights will prove to be advantageous for fashion brands, as it will help to get all the information to monitor product performance, optimize marketing strategies and plan end to end for product assortment and replenishments, based on the behavioural analysis of the consumers, the company said.
EShopbox Insights would be able to track any products lifecycle and compare with industry benchmarks of similar products. It would be easy to obtain the details of the product information and attributes. The intuitive and concise details could be viewed through this product. It would be easy to track key KPIs to SKU level such as ageing, sell through ratios, profitability, average discounting and sales velocity over a period of time.
It would be easier to optimise offers and promotions by giving quick insights over optimal markdown strategy SKU wise to maximize profits and schedule the promotions based on marketing calendar of retailers. It would also help to manage inventory levels, monitor estimated days of inventory for each SKUs and plan replenishments. Also, they can monitor size specific sell-outs and minimize dead stocks.
Fashion brands would be able to benchmark their assortment against the market, with a side by side view of the product volumes by category. They can ensure that pricing is precise against competitors, by comparing price architecture across all ranges or categories and ensure that they are not under or over optioned on colour by comparing offering against major retailers. Currently the product is being used by EShopbox for it clients, going further this would be made available as a SAAS-based solution.