Edited launches Covid-19 digital dashboard for retailers navigating online sales
Don-Alvin Adegeest| Friday, April 10 2020
Fashion brands and retailers in the grip of Covid-19 may do well to focus on their digital strategies as stores remain closed and customers stay home. Data platform Edited has released a dashboard to help online customers analyse the information needed to make the best decisions for their trading category during the crisis.
Titled the Covid-19 Retail Dashboard, the real-time data from Edited allows retailers to understand the state of each major market, including the influx of deliveries, the impact on pricing and discounting, along with the performance of categories.
Arrivals of new styles in the UK market over the past week are at their lowest down by 60 percent year on year. Edited suggests not to rely too heavily on discounting in today’s retail climate as deeper discounts do not always result in sell-outs and longer full-priced selling periods allow for the inventory to be stretched.
While new product arrivals saw a steady decline from mid-January to mid-February this year, they remain higher than the year prior. Yet, after the UK surpassed 1,000 cases and retailers started to shutter, deliveries plummeted. As retailers scrambled to cancel orders and major ecommerce sites such as Next and Net-a-Porter halted trading online, new arrivals in the UK market over the past week are at their lowest – down by 60 percent compared to 2019.
This week, nightwear items emerged as the top-selling category as the region enters its second week of lockdown with pyjama sets and nightie sellouts up 160 percent and 155 percent year on year, respectively.
As retailers around the world are adapting their strategies on a weekly basis, they should not depend on discounting depth as it does not always result in sell-outs – currently seen across the US and UK markets. While regions such as Italy are on their plateau, look to China as an example of an economy that’s recovering from the pandemic.
Photo by John Schnobrich on Unsplash