Edited Launches ‘Game-Changer’ Merchandising Tool
The retail intelligence platform Edited launched a new feature Tuesday that could be a “game-changer for retailers,” according to CEO Doug Kofoid.
Built by a team of former merchandisers and buyers, myEdited offers users a Q&A interface through which users can ask questions like “Which products are price increase candidates?” and “What are the assortment gaps?” Edited said. The new feature will also offer insights on an assortment of business performance areas, including “Product profit per units sold” and “Average discount across a particular sector” during a given period.
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“We believe this new interface will be a game-changer for retailers,” Kofoid said in a statement. “Merchandisers, buyers, and planners will no longer have to dig through multiple data sources to surface valuable insights. myEdited will not only supply them with the right questions they should be asking, but also combine both their internal data and competitor market data in one simple dashboard.”
Questions and insights cover multiple themes, including assortment, pricing and inventory strategy. It also surfaces metrics that “are usually difficult to access through standard reporting,” Edited said, including “inventory not on site,” “new customer placed order value” and “return rates.” Though this initial iteration does not rely on generative AI, Kofoid said he envisions that will change “in the near future.”
Edited’s chief product officer Brian Tomz and senior director of product marketing Victoria Giles—formerly a senior buyer for the fashion brand Miss Selfridge—led the team that devised the questions and corresponding insights. The company worked with its User Advisory Board, including Puma, PVH and Coach New York, to devise the myEdited interface. Edited’s internal team of former merchandisers and buyers, along with chief retail scientist Michael Ross, also offered their support during development.
“The Edited team has vast experience within the retail sector, including the likes of the former head of global merchandising at Gilly Hicks, Abercrombie & Fitch’s lingerie brand, and GANT’s former head of global business planning,” Tomz said in a statement. “We have pioneered what we believe to be a hugely powerful tool based on their insights and those of our customers from across the globe.”
MyEdited’s launch followed the June debut of Edited’s Merchandising Experience Index, a benchmarking tool designed to help retailers audit their customer centricity capabilities. A few months earlier, the company closed on a $15 million investment from the U.S. venture capital firm Delta-v Capital.
