Why data is critical in today’s retail industry
For Simon Tooley, CEO of Etiket, the importance of data in today’s retail industry cannot be understated: “Data is everything. We use it a lot for planning, especially during growth periods, and to understand how people are buying.” His retail company specializes in cosmetic products, skin care, niche fragrance products and aesthetic services.
In order to maximize the use of data, Mr. Tooley registered to Richter’s Retail Platform. This free analytical tool provides quick and easy access to cumulative and weekly sales data for the sector. Retailers can compare their own performance to that of their competitors and assess their activities based on reliable data. Their personalized account allows them to consult their historical data and cumulative survey results. “I enter my data every Monday morning, and compare my results to the rest of the industry. The platform is very easy to use,” explains Mr. Tooley.
The use of Richter’s Retail Platform has directly led to important decisions for Etiket. “The Retail Platform splits my data between online and in-store activities. Comparing last year’s data to this year’s data showed me that while my in-store results are growing quickly, the online store isn’t following. Our online business represents 40% of our sales, which is enormous. If I am seeing decline, I need to do something about it.”
Mr. Tooley quickly focused on this issue and hired a dedicated e-commerce manager to turn the trend around and bring back growth to his online store, a decision based on the data provided by Richter’s Retail Platform. “Seeing these numbers really made me wake up! If I hadn’t started using this platform, I don’t know when I would have realized the situation Etiket was in.”
Etiket is celebrating its fifth anniversary this year and experiences healthy growth. There is no doubt that with access to the right data and the business acumen to make the appropriate decisions, the company will continue growing for many years to come.
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About Richter : Founded in Montreal in 1926, Richter is a licensed public accounting firm that provides assurance, tax and wealth management services, as well as financial advisory services in the areas of organizational restructuring and insolvency, business valuation, corporate finance, litigation support, and forensic accounting. Our commitment to excellence, our in-depth understanding of financial issues and our practical problem-solving methods have positioned us as one of the most important independent accounting, organizational advisory and consulting firms in the country. Richter has offices in both Toronto and Montreal. Follow us on LinkedIn, Facebook, and Twitter.