Data Analytics for the beauty industry
Things can change fast in the beauty industry, from latest products to newest cutting edge trends, colour palettes and products
And with this comes a wealth of data that can help to ensure your success in the industry
We provide a service-led data analytics consulting solution for Beauty companies who want to take control of their data.
This results in:
Improved business performance and understanding
Confident decision-making from reliable data
Turning your beauty company's data into insights and actions
Data Analytics for the beauty industry
Things can change fast in the beauty industry, from latest products to newest cutting edge trends, colour palettes and products.
And with this comes a wealth of data that can help to ensure your success in the industry.
Key success factors in the Beauty Industry
Sales
Understanding a customer needs and being able to recommend products to meet those needs and present the right products at the right time
Inventory Control
Ensuring the right level of stock holding, too much can be an even bigger problem than too little, particularly taking into account product shelf life and risk of obselescence
Purchasing
Monitoring the quality, timeliness and reliability of suppliers and not forgetting the price
Retail Operations
Retail operations need to be efficient, effective and achieve excellence. from supply chain management to store operations
Great Customer Experience
Delivering a high level of value perception, trust in the products and the service. Providing transparency of ingredients and excellent personalised skincare routines
Use cases of Analytics in the Beauty Industry
Improved Decision-Making
Data-driven insights help brands make informed choices regarding inventory management, pricing strategies, and marketing campaigns.
Real-time analytics enable quick adjustments based on market trends and customer behaviour.
Enhanced Customer Experience
Personalization: brands can tailor recommendations, offers, and product suggestions to individual customers.
Inventory Availability: Analytics ensure products are in stock when customers need them.
Customer Segmentation: brands can identify high-value customers and target them effectively.
Optimized Supply Chain
Demand Forecasting: Predictive analytics helps brands anticipate demand fluctuations and optimize inventory levels.
Efficient Logistics: Analytics streamline supply chain processes, reducing costs and delivery times.
Pricing and Promotion Optimization
Dynamic Pricing: brands can adjust prices based on demand, competitor pricing, and other factors.
Promotion Effectiveness: Analytics assess the impact of discounts and promotions on sales.
Competitive Advantage
Brands leveraging data analytics stay ahead of competitors by adapting swiftly to market changes.
Insights from analytics drive innovation and strategic planning.
Improved Marketing ROI
Targeted Campaigns: Brands can allocate marketing budgets efficiently by focusing on high-potential segments.
A/B Testing: Analytics help evaluate the effectiveness of different marketing approaches.
In summary, data analytics empowers brands to make data-backed decisions, enhance customer satisfaction, and optimize operations, ultimately leading to business growth and success
Examples of some of our data analytics consulting in the Beauty Industry
Revolutionising reporting, building comprehensive management information packs that give efficient and effective and actionable insights for business leaders to see performance and act to keep progress on track.
Integrated business planning. From top level corporate budgets and enterprise alignment between store and product level budgets. Ensuring departments work to a common goal and joined up set of numbers
Inventory control, using product level performance and predictive analytics to forecast future stock holding and allow corrective action to ensure stock is at the right level. Built on robust product seasonality curves, with growth factors and the extrapolation of these factors to provide realistic product demand forecasting
Pricing strategy linked to product performance versus expected performance. Linking to strategies for replacement products and product lifecycle management
To find out how we could help your business why not have an introductory call?
Our Retail Experience:
Simon Harrison ACMA our founder has decades of experience in retail
10 years at Sports Direct, starting as a finance manager. Promoted through to the senior management team as the Head of Operational Finance and Analytics. Working with board members to deliver strategic financial planning for Sales, Margins, Inventory cover. Responsible for the alignment of departmental budgets to the headline company budgets
Simon built a team of analysts, based upon a core skillset of either commercial finance or technical analytics. His role included the leadership of the team of analysts across the business, with representation within functional departments including Buying, Merchandising, E-Commerce, Marketing, and Finance. Fostering knowledge transfer and sharing of best practices.
The aim was to drive confident decision-making as widely as possible, by becoming a data-driven organisation.
We’re service led, rather than product-led
Registered Management Accounting practice
We specialise in Database Management for businesses wanting to get the most from their management accounting and analytics
We work directly with your employees to upskill your team
