J. Crew shows up to compete
In an era in which the accessibility of customer data can act as a catalyst for a businesses’ growth, being able to make the most of that information is imperative. In doing so, being able to effectively understand consumer purchasing patterns allows for growth that can create new markets and revenue streams so that success is as sustainable as it is progressive. In an era in which ecommerce is becoming used more and more in sectors like retail, clothing and apparel companies who use data analysis are more adept at implementing strategies to fuel growth.
A quintessential example of how a retailer can broaden their customer demographics has been made by J. Crew Group Incorporated. While J. Crew clothing isn’t the most expensive you can find on the market, it certainly isn’t the most affordable. For millions of Americans, shopping there is something that doesn’t accommodate their budgets despite luring their interest. Sure, they launched Madewell which competes with Gap, but until now, the even less expensive option wasn’t on the table.
Mercantile store to test in Dallas
To gain more revenue from this under-tapped customer base, the retailer has launched J. Crew Mercantile a store that sells the same products that are found at the company’s retail outlets nation wide. Providing customers with a more conveniently accessible location for these products seems to put J. Crew in a position for growth moving forward, leaving behind a recent past that has seen it have to cut more than 150 jobs at its corporate headquarters due to cost constraints.
In order to put this project in a position to succeed, J. Crew CEO Mickey Drexler has reshaped the companies internal working by naming a new head of women’s design. At his time at the Gap, Inc. Drexler had launched Old Navy to make the former company more lucrative. That endeavor proved to be fruitful as Old Navy has begun to exceed Gap in sales during the last fiscal quarter.
Being able to rebrand is an essential skills for any business. Even some of the most iconic names in industries like retail need to reshape their image to continue their success. For this era of retailers, understanding customers is essential to achieving that feat. Advanced ecommerce analysis is one way to struture a strategy that can breath new life into a business.