Drawing inspiration from FanDuel and Skyscanner aim is to change fashion industry
Mallzee, the multi-retailer shopping app, has laucnhed a “unique” insights and prediction tool.
The Edinburgh-based company said Mallzee Product Intelligence will help fashion retailers combat this year’s anticipated revenue squeeze, devaluation of the pound, rising inflation and the effects of Brexit.
Mallzee launched in 2013 as the “Tinder for fashion”, bringing together more than 200 high street retailers to make fashion shopping on mobile “fun and efficient”. Last year, it was the most downloaded shopping app with almost one million active users rating millions of items daily.
Its Product Intelligence tool is designed for retailers to optimise the profitability of existing products and forecast which items will be profit generating and which look set to be loss making, prior to placing costly stock orders.
Harnessing the millions of product interactions daily, across the hundreds of retailers in the Mallzee app, the tool delivers to retailers “real time, real consumer actionable insights which directly impact their bottom line through slight shifts in focus”.
Cally Russell, Mallzee chief executive, said: “Originally we developed Mallzee to make it easy for consumers to find and buy high street fashion via their mobiles.
“The more time we spent in the industry the more we realised the biggest problem was actually for retailers – how do they avoid wasting $1 trillion every year through poor discounting and buying.
“It became clear there was trillion dollar problem with discounting and stock ordering.
“We have always had big ambitions at Mallzee and now inspired by the success of our friends and investors at FanDuel and Skyscanner we know we can change the fashion industry.”
David Lonsdale, director of the Scottish Retail Consortium, added: “Our economy lives or dies by what happens to consumer spending, and there are undoubtedly formidable challenges for retail in the year ahead.
“Rising inflation is likely to put a strain on disposable incomes, whilst retailers themselves will grapple with a range of cost pressures.
“Ultimately, though the success of retailers in this fast changing world will be down to their own ability to evolve and adapt, as in all industries knowledge is key, which is why technology will drive success in 2017 for retailers.”