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Sarah McVittie (Founder/CEO, Dressipi) - Harnessing Culture & Using Data To Build Value For Your Business

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The video for this talk from Business of Software Conference Europe 2019 will be published here soon: http://businessofsoftware.org/videos

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Sarah McVittie (Founder/CEO, Dressipi) - Harnessing Culture & Using Data To Build Value For Your Business

  1. 1. Predictive Retail
  2. 2. Six years ago we set out to solve the problem of overwhelming choice. The consumer was underserved, navigating through 1000s of products to find one that matched their needs. There was a better way to buy clothes. As Dressipi advanced it was clear this new alternative was beneficial to retailers who have been slow to adopt data and science to improve operations. Using our technology delivers personalisation and predictive retail to the UK’s leading fashion retailers.
  3. 3. The customer shops where they want, how they want and pay the price they want We are retailing in a different and more complex world
  4. 4. $33bn $163bn $847bn Other industries were quick to understand the value of personalisation Customers are loyal to brands that recognise them, help them and inspire them They are then happy to share valuable data about themselves and their preferences This unrivalled data and insight drives value throughout the business
  5. 5. Personalisation means giving each customer a journey that is all about them Curated edits & listing pages Outfits matching their style New items styled with those they own Guidance & inspiration tailored to them
  6. 6. Which in turn delivers a more powerful model for retailers 15%* £9.8 Billion * Mckinsey, personalisation at scale, November 2018
  7. 7. Yet fashion retailers have been slow to reap the benefits All customers see the same experience, the same products in the same order regardless of individual mission or preferences As a result conversion rates are low at 1-3% Visitors who purchase Visitors no data
  8. 8. Because fashion is very different to other verticals Standard algorithms don’t work Purchase history has less impact Fashion is far more personal
  9. 9. Combining fashion specific data and expertise with cutting edge AI & ML Fashion focussed from the outset Committed to the shopper Adding nuances of industry into the mix
  10. 10. We are now the fashion experts Our understanding of the fashion market sets us apart Consistently outperform other personalisation experts Conversion rates, ATV, Revenue per visitor Reduction in return rates Right product, right customer, right time, right price +12% Revenue +2% AOV +11% Conversion - 25% Return Rate
  11. 11. Secret Coffee Thursday 4pm Cultural Impact: Mutual respect and culturally diverse Well balanced team Shared learning across teams
  12. 12. Inefficiencies within retail sector Huge inefficiency - Average Sell Through Rates: 60% - Garment return rates: 40% Sustainability was an issue - 3781 litres of water to produce a single pair of jeans - 60% of all clothes produced end up in landfill within a year of being produced - 35% ocean plastics are microfibres shed from washing synthetic fibres
  13. 13. Deeper understanding of customer and garment Help to create efficiency further down the supply chain
  14. 14. Increasingly impacting the top and bottom line 40% 70%60% Pre Dressipi 30% Post Dressipi + 7% revenue uplift +21% contributed margin uplift Because of the high return rates, you can have a disproportionate impact on contributed margins
  15. 15. Rigorous testing Some education required for a rigorous approach to AB testing Understanding what to test and the actual net incremental impact ADD TO BAG Net Revenue Per Visitor Conversion rate Order Frequency Average Order Value Return Rate
  16. 16. Our clients are a testament to our passion & commitment  20% of market  Laser Focused  Retailer Mindset  Rigorous Approach
  17. 17. Cultural Impact
  18. 18. Our key learnings  Understand the data required to fulfil emotional requirement  Understand the metrics that drive real value  Understand limitations within industry (in our case data sparsity)  Diversity of teams and approach are key
  19. 19. Thank you! Q&A sarah@dressipi.com

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