In this episode Jason talks to Ed Child, the Head of Enterprise Data and Insights at a fast growing ecommerce business, Studio Retail. They talk through the success Studio Retail has had through lockdown in 2020 and explore the strategic role data is playing and will play in driving further growth. They also look at the journey Ed has been on to define, get approval and deliver success of his data strategy. They look at Ed’s own personal journey into data leadership through brands like Asda and Walmart.
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For more on Ed’s work at Studio Retail, read the customer case study.
Use data to improve relationships and the solution to your customers’ new problems.
[01:20] How Studio Retail found success during lockdown
[04:30] Ed’s career in data leadership and how he transitioned to his current role at Studio Retail
[07.35] How Ed integrated more data-driven strategy into Studio Retail and the important synergy between data and ecommerce
[14.40] The transition Ed made from having a data strategy, to implementing it with outsourced help
[17:25] Data and its role in optimising marketing channels
[23.10] The huge opportunities data has opened up for Studio Retail in their business on the enterprise front
[25.30] Why your whole team needs to be educated on the importance of data in business
The new shift to ecommerce might seem that people need to take a new approach on the surface. However, it has been Studio Retail’s attention to detail while putting client’s needs first that has allowed them to grow throughout the pandemic.
While most ecommerce brands focus solely on sales, Studio Retail provides a solution: to get personalised products to customers as fast as possible. By keeping their focus on improving their solution, Studio Retail has been able to rapidly pivot and grow despite the pandemic.
Going online is only the first step as there are a multitude of trends to take advantage of. This is where having good data is essential to the success of any business. Having easily accessible data allows businesses to experiment and pivot quickly without having to throw resources away. In ecommerce, you can quickly test smaller ideas and use data to provide rapid feedback
Data is also excellent at providing the larger picture of a business’ health. For Child, he states that optimising for mobile had been a key component of Studio Retail’s success. Up to 20% of traffic to Studio Retail’s website is from mobile. If they were not monitoring their traffic statistics, there is a strong likelihood that they wouldn’t have picked up on this trend. Now, Studio Retail has a site that is fully optimised for mobile website sales.
It might be just one piece of the jigsaw puzzle, but in today’s data-driven world it is essential. Most businesses use data to monitor customer behaviour and purchasing trends.
Simply put, if your business is not using data, you are leaving money on the table.
At Studio Retail, every part of the customer experience is monitored from mouse clicks on their website through to the cart close. It allows Studio Retail to take a deep dive into what their customers are looking for so they can create a better experience for their customer.
Data has also allowed Studio Retail to monitor the success of their marketing through different channels. Traditionally, being a catalogue retailer it has been a big shift going online, however Ed mentions that some customers still enjoy buying off a catalogue. Honing in on customers who enjoy buying from a catalogue has become a big part of Studio Retail’s marketing data strategy. By finding those who specifically buy from catalogues they are able to cut down on how many catalogues they need to print en masse, saving a large chunk of money for the business.
On the enterprise front, Studio Retail has used data to form better relationships with manufacturers and suppliers and streamlined many processes. It has allowed Studio Retail to focus on the most important aspects of the business and see where things can be improved.
Not everyone is a data expert. However, being able to educate your team about its importance can make implementing data strategy into your business easier. At Studio Retail, Ed credits the excellent working relationship of the IT department with other departments as a major part of their data strategy’s success.
Studio Retail has also outsourced some of its data management so they are able to fully analyse and utilise all the information they receive. Data is an expensive resource so it is wise to outsource expertise when needed so nothing goes to waste.
Data can be used in every facet of your ecommerce business from the customer experience, through to communication with manufacturers. And if you aren’t using data you’re missing out on many opportunities to provide value to your customers.