How Data helps Herman Miller outwit global rivals

To boost product visibility and sales with optimized prices, retailers and brands can use retail data analytics to access real-time insights into the global e-commerce landscape. Let’s look at how Michigan-based furniture manufacturer Herman Miller can use retail data analytics to gain a competitive advantage in the global retail market.
herman miller chair

This case study focuses on a specific product: the Herman Miller Mirra 2 chair. Retail data analytics can help Herman Miller pinpoint which retailers around the world offer products that exactly match this chair model, how their prices compare and what Herman Miller can do to remain responsive and competitive worldwide.

World map comparing herman miller chair

Retailers around the world selling exact matches of the Herman Miller Mirra 2 chair include Amazon.com (US), Amazon.co.uk (UK), Flipkart (India), Badbacks (Australia), Rakuten (Japan) and Taobao.com (China). These findings help Herman Miller know its global competitors – for this particular product – with greater certainty.

similar matches herman miller chair across competitors

The scope of competitors expands further when Herman Miller considers other furniture retailers selling similar matches (as opposed to exact matches) to the Herman Miller Mirra 2 chair, including Steelcase and Haworth, which are both US companies.

Data analytics help Herman Miller understand how the Mirra 2 chair compares to these competing products in terms of their attributes. The similar matches and the Herman Miller Mirra 2 have major differences in chair weight and height, and negligible differences in seat width and depth. Thanks to these findings, Herman Miller could emphasize that the Mirra 2 chair is almost 11 pounds lighter and 2 inches taller than the Steelcase similar item, and a whopping 20 pounds lighter and 2.5 inches shorter than the Haworth chair.

Knowing these global competitors with exact and similar matches can help Herman Miller see how its pricing strategy compares to rivals’. They can view product price fluctuations in local currencies, as well as a single currency (USD) for easy comparisons for the Herman Miller Mirra 2 chair.

 

Amazon strategy herman miller chair

 

In addition, Herman Miller can see that an increase in price over time led to a corresponding increase in product visibility on Amazon.com in the US market. This suggests Amazon may favor higher priced products and boost their online visibility, which impacts retailers’ and brands’ online pricing strategies.

 

By contrast, as Japanese retailer Rakuten’s price for the Herman Miller Mirra 2 chair generally declined over time, the product’s visibility increased on the e-commerce website. This suggests Rakuten may favor affordability, driving the chair’s popularity and online product visibility, which impacts retailers’ and brands’ online pricing strategy in Japan.

Another important online pricing consideration is discounting. A lack of international standards for retail reporting among international retailers’ offerings means Herman Miller would not have a clear picture of the amount of discount offered on the different e-commerce websites. To solve this challenge, Herman Miller can gain access to pricing tools to adapt competitors’ pricing movements. Setting custom pricing rules and generating smart prices – such as always selling for 10% less than Amazon – can help Herman Miller adjust its pricing in real time to remain competitive globally.

Bottom line: Data fuels market dominance

Overall, retail data analytics have evolved into essential resources to compete in global e-commerce. Data insights can help Herman Miller gain a deeper understanding of its competitors and retail pricing strategies around the world. These insights can help Herman Miller (and other retailers and brands) reduce risk by adjusting pricing in real time to gain a competitive edge, boost agility and remain attractive to online shoppers.

Climb Up The Retail Ladder Successfully Using Predictive Analytics!

If you’re in the retail marketing business, you’ll know how important retail inventory management is. Having the right product at the right time — and in the right amount — is indispensable, because you cannot stock up on an inventory without an estimate of the amount you would be spending.

Many assets have depreciation value; predictive analytics in retail is just the thing for you to switch too. In common parlance, predictive analytics simply means basing your retail marketing on the available data, and managing your inventory accordingly. Continue reading “Climb Up The Retail Ladder Successfully Using Predictive Analytics!”

10 Ways Inventory Management Software Increases Sales & Profit

For many businesses, data analytics aren’t just useful tools to assess and shape the connection between a given company and its customer base. Rather, the information systems put in place to gather key figures and other salient reports are invaluable to the long-term success of a company. Fortunately, businesses within the online retail space are especially equipped to track and collect the data they need to optimize their business practices and foster growth. This is particularly true in regards to one of the most popular growing segments of data collection:inventory management.

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Analytics Is A Retailer Must-Have – But Only The Right Analytics

Cat’s out of the bag, analytics is steadily rising on top of every other retailer’s list of priorities, but are they going to maximize their opportunity here – or waste it?

 

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Real-Time Dashboards Are The New Retail Battleground

Retail has always been and will always be about choices. Brands and retailers strive to offer the widest and deepest assortment possible to attract substantial consumer traffic. Among other things, success in mass retailing heavily depends on pricing and promotions. The present day challenge for brands and retailers is to sift through the increasingly competitive, complex and ever-growing retail universe. The proliferation of open source platforms like Magento and mobile commerce solutions has led to a huge spurt in online retailers.

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Haven’t you heard? Retail is Data-ii

We apologize for adulterating one of retail’s most famous principles. We simply want to highlight the role data plays in modern retailing’s quest for detail. Be it optimal pricing, store layout, supply chain, logistics or merchandise, there is no facet of retailing that is untouched by the benefits of data insights. A clear understanding of different customer profiles, their frequency of shopping & average money spent on each visit are considered as the cornerstones of retail success. The metamorphosis of retailing from brick-and-mortar to e-commerce has changed the dynamics of success in this space. Data-driven insights have been instrumental in that change.

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Top 6 Must-Have Features in a Retail Analytics Tool

Retail analytics software collects a plethora of data ranging from pricing information, stock levels, catalogue assortments, discounts, and much more. This information is stored and collated into large databases where it is processed using statistical algorithms to record and track trends and patterns. From this data, there is a huge breadth of intelligence that can be extracted, allowing you to make data-informed decisions on anything from creating on-the-fly pricing strategies, to accurately benchmarking your seasonal discounts. This software helps to mitigate the risks of human assumptions that can trigger margin loss, overstock situations, and missing the boat on market trends.

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The Elusive Elevator Pitch and Other Things…

What is the one thing you would tell Mark Zuckerberg, Jeff Bezos or Larry Page & Sergey Brin if you are riding the same lift, together? You have less than 10 seconds to think, formulate words and speak up. What would you tell them, if you wanted them to hire you- on the spot, without a doubt?

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From Mind to Mobile- Why Insights Matter for Online Fashion Portal

In times of old- all fashion was custom. Apparel had to be designed or sewn by hand. It was only when social disparities started blurring that businesses started selling mass produced apparel; and people started buying it.

The industrial revolution brought standardization to the apparel markets. From gathering raw materials to creating standard fits- the industry has scaled new highs every year. The global fashion industry revenue, circa February 2015, has gone up to USD 1.2 trillion.

With such phenomenal growth, and disruptive technologies sprouting up to augment it even further, it is no wonder that the fashion industry stands as a statement of the society it thrives in. At IntelligenceNODE, we are associated with many apparel etailers who take their work to the next level with intelligent insights and innovative ideas.

E tail is no longer about being a formidable online presence; now it is about innovation, reinventing and rediscovering favorites that rule the hearts of people. And as they say, with changing times, one has to adapt, or perish.

In this highly competitive market therefore, we are excited to see the famous online fashion retail portal Myntra shutting its website and going mobile. What a great way to be progressive! Myntra is on course to complete Rs 2,000 crore in sales or gross merchandise value (GMV) for the current financial year. And then, go mobile!

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