Making market intelligence faster, a weekly update by Databoutique.com.
Fantastic data
The Internet has proved fantastic for market intelligence (we made a living out of it).
It has fantastic data: Product prices, promotions, reviews, social interactions, sentiment ratings, inventory tracking, and more… Perfect for businesses to monitor the markets they operate in, their competitors, and their customers.
And ultimately, make informed decisions. Did I mention “fantastic” already?
Just maybe too much
The issue is, the Internet is actually so big, it is super expensive to track.
Let’s take fashion e-commerce, for example. We have tracked thousands (literally) of e-commerce websites that sell apparel, and yet, every time we get new clients, they are after a bunch of websites we did not track (or haven’t even heard about).
Here’s the dilemma: What websites do you start tracking, when you know you don’t know them beforehand, but you know you could have guessed some of them?
This is key to making market intelligence faster.
Where to look? Let’s share
A smart way to soften this pain is to start acting as a community. Analysts, brands, retailers, and data providers. We all collect data from websites (let’s admit it, often from the same websites). Either manually or via web scraping.
We set up an anonymous survey where we ask our entire community - marketers, analysts, retailers, product managers, competitors, suppliers, advisors, and all of our extended network - to say what websites you are (or would like to) track.
Why should you take the survey?
It’s anonymous: No one will know it was you
You can benchmark your choices with others and get ideas on where to look
The more people take it, the more it’s accurate (so if you want an accurate benchmark, do it yourself first).
We will share statistics and results monthly, as a way to measure our community.
Data in the news
Where Databoutique.com data has been used in the most recent weeks:
Alliance Bernstein report: The October 2022 'price discipline' index. This monthly analysis is becoming a classic for the industry, with growing feedback from the entire fashion community. We are very thankful to Luca and all of his team for their work. Without analysts, data would be just numbers!
That’s it for this week. I hope that was useful.
.. did I mention you need to take the survey?