Inventory Management Archives

In this episode of Talk Commerce, Brent and Madeleine interview Erica Guider from 42 Technologies about the importance of data analytics for retail brands. They discuss the role of data analytics in making informed decisions, the benefits of using an analytics tool versus building one in-house, and the challenges of using Google Analytics.

Erica explains how 42 Technologies helps unify data from different platforms and provides accurate and readable data for analysis. They also touch on the role of AI in data analytics and share success stories of brands that have made an impact with unified data. The episode concludes with discussing key strategies for the upcoming quarter and a shameless plug for 42 Technologies.

Introducing Erica Guider from 42 Technologies

Our episode kicked off with a warm introduction of Erica Guider, a key player in the sales team at 42 Technologies. Erica’s role involves managing accounts and ensuring that clients’ data is clean and organized on their visual dashboard. Her passion for retail is evident, and she is driven by the goal of giving people more time by streamlining their data processes.

The Importance of a Unified Data Spot

One of the main topics we discussed was the importance of having a centralized data source. Erica explained how 42 Technologies works with platforms like BigCommerce, NetSuite, and Apparel Magic to combine different data points from various channels, such as e-commerce and point of sale (POS). The aim is to clean and scrub the data to ensure accuracy and make it readable for humans. This approach overcomes the limitations of Google Analytics and provides more accurate numbers through daily snapshots of data.

The Role of AI in Data Analytics

Our conversation also touched on the potential role of AI in data analytics. Erica shared their plans to develop a chatbot that can provide quick answers to retail teams. This innovative approach is set to revolutionize the way retail businesses access and interpret their data.

The Impact of Data Analytics on Brands

Erica highlighted the impact that data analytics has made for clients like Figs, a scrubs brand. By providing real-time updates on inventory and sales, 42 Technologies has helped brands like Figs to streamline their operations and make more informed decisions.

The Importance of Granular Data Analysis

Erica emphasized the importance of analyzing data at a granular level, such as specific attributes like color, to make informed decisions about stocking items. She also discussed the negative effects of markdowns on a brand and customer expectations, highlighting the need for careful inventory management and understanding sell-through rates.

A Special Offer for Shopify Clients

As a Shopify certified plus partner, 42 Technologies is offering a free trial for Shopify clients. This is a fantastic opportunity for businesses to experience the benefits of a unified data spot and make more informed decisions based on accurate, granular data.

Wrapping Up with Some Light-Hearted Moments

Our conversation wasn’t all business. We shared some light-hearted moments and jokes, including a discussion about our experiences at Costco. I concluded the segment by thanking Erica for her time, humor, and invaluable insights into the world of retail data analytics.

In conclusion, our conversation with Erica Guider highlighted the importance of data analytics in retail businesses. By harnessing the power of a unified data spot, businesses can make more informed decisions, streamline their operations, and ultimately drive their success.

Takeaways

Data analytics is important for businesses of all sizes to make informed decisions.
Using an analytics tool can save time and money compared to building one in-house.
Unified data from different platforms provides accurate and readable information for analysis.
AI tools can help with predictive analytics and answer specific questions quickly.
Strategies for the upcoming quarter include focusing on sell-through and right-sizing inventory.

More podcasts about commerce

Meet Lior Pozin: The Man Behind AutoDS

Lior Pozin is not just the co-founder and CEO of AutoDS, but also a seasoned drop shipper with over 14 years of experience in ecommerce. AutoDS is an all-in-one ecommerce dropshipping platform that assists drop shippers with product finding, pricing, stock monitoring, inventory management, and automatic order fulfillment across various selling channels like eBay, Shopify, Amazon, and Etsy.

Understanding Dropshipping: A New Age Fulfillment Method

Our conversation began with Lior explaining the concept of dropshipping and how it differs from direct shipping from a warehouse. Dropshipping is a fulfillment method where products are sold without being held in inventory. When a buyer places an order in an ecommerce store, the product is shipped directly from the supplier to the end consumer. This eliminates the need for inventory and allows for on-demand shipping, making it a preferred choice for many ecommerce businesses.

Trends in Dropshipping: The Changing Landscape

As we delved deeper into the world of dropshipping, Lior shed light on the current trends in the market. He emphasized that while the shipping domain is wide and constantly changing, dropshipping remains a constant in different variations. A significant shift he highlighted was the increasing use of platforms like Shopify for dropshipping, where organic traffic from social media sites like TikTok and Instagram Reels is being harnessed for advertising. This trend has made it easier for people to venture into dropshipping.

The Evolution of Dropshipping Businesses

Lior also shared his insights on the evolution of businesses based solely on dropshipping. He stressed the importance of branding in dropshipping and suggested rebranding products by shipping them to a warehouse in China before sending them to the end consumer. With the rise in customer acquisition costs, he recommended exploring multichannel dropshipping to expand reach.

Leveraging Social Media for Dropshipping

Lior highlighted the opportunities presented by short-form content platforms like TikTok and Instagram, where dropshippers can generate traffic and sales without relying on influencers. He advised dropshippers to be creative and replicate successful videos on these platforms. Interestingly, he also mentioned that influencers themselves can easily create ecommerce brands by importing products from their niche and promoting them on their accounts.

Successful Products and AutoDS’s Offerings

When asked about successful products, Lior mentioned the popularity of Christmas lamps, creative lamps with different figures, Christmas slippers, and massage guns. He concluded the interview by inviting listeners to follow him on Instagram and visit AutoDS’s website for assistance with dropshipping, including product finding and education. He mentioned that registering on the site provides a 30-day free trial and access to full features, including free shipping to any selling channels.

Wrapping Up

Lior Pozin’s insights and recommendations for drop shippers are invaluable. He emphasized the importance of branding, exploring multichannel dropshipping, and leveraging social media platforms for advertising. His advice is a testament to his expertise and passion for ecommerce, making this conversation a must-listen for anyone interested in dropshipping.

More podcasts about commerce.