Edited is now offering a home goods solution that provides “the competitive data needed to dynamically set the right assortment, pricing and promotions in a competitive e-commerce marketplace,” the company said.
The impetus behind offering the Edited Home suite is changes created by the pandemic, the company said in a statement, noting that opportunities in the “homeware e-commerce space have proven lucrative but competitive, encouraging existing home retail giants and new entrants to take an e-commerce-first mindset and move quickly.”
The solution is designed to give brands and merchants actionable insights to help plan assortments, including product type and pricing.
La Redoute U.K. piloted the solution prior to the launch. The retailer’s digital marketing director, Paul Carmichael, said the home goods category “has grown significantly over the past few years with further acceleration throughout the COVID-19 pandemic, now accounting for around 60 percent of our sales.”
“Understanding the ins and outs of this market as well as we do in the fashion vertical is the key to our future success,” Carmichael said, adding that Edited gives the company “the ability to identify market trends and customer needs so we can create a bespoke, data-driven multichannel plan to capitalize on new retail opportunities.”
He also said visual merchandising is used regularly by his team, “allowing us to see current and historical customer messaging, stories and campaigns our competitors have distributed.”
For apparel retailers, Edited said they can use Edited Home to “easily move into this sector and become a one-stop-shop. By expanding into new categories and offering a broader assortment, it strengthens brand loyalty amongst existing customers and increases brand awareness to homeware enthusiasts.”
Based on its own data, Edited said lifestyle brands experienced a 104 percent increase in sales of home goods, “where over half of their online stock sits within this category.”
Julia Barnes, a senior buyer of home decor at N Brown, offered a similar testimonial as Carmichael. Barnes said Edited home has “given us great insight into shaping both our long-term and short-term trading plans. Particularly for our homeware categories, the market intelligence has supported us in creating our range landscape, along with any pricing and launch decisions.”
Edited said the rise of the “work-from-home culture, social media and Generation Rent also means consumers want the latest interior design trends at an affordable price.” As a result, fast-fashion merchants tracked by Edited beefed up their entry-level home accessories “such as [artificial] plants, candles, cushions and throw rugs, which have grown 36 percent [year-over-year] across the U.S. and U.K.”
In a separate homewares e-commerce report, Edited said the home goods segment is expected to grow 20 percent over the next three years.
“This creates a lucrative opportunity for traditional retailers to embrace market intelligence to challenge the growing number of fast-fashion brands evolving into lifestyle businesses,” the authors of the report said. “New entrants and retailers wanting to dip their toes into this market can leverage data to make more informed decisions of launching and trading in a new category.”