At the Corner of Retail and Innovation: eBags Harnessing Technology to Drive Business Results
Revionics has been proud to call eBags a customer for several years now, and we’ve been big admirers of the spirit of innovation and bottom-line business impact that CEO Mike Edwards brings to his company. Mike did a great job of describing that spirit in his keynote address at our Insight Retail Summit this past October. So it’s great to see him get industry acclaim, as he did in this recent RIS News article, “eBags CEO Packs a Tech-Powered Punch.”
It’s worth noting that eBags embraces technology within its larger strategy of being “the authority on all things travel,” as the article puts it, staking out a clearly differentiated market position than earlier perceptions of being a handbag and accessory site. With that clarity of vision, the technology investments made by eBags all play their part to ensure a premium end-to-end experience for their travel-hungry customers.
I’m particularly partial, of course, to the section of the article that talks about how eBags leverages our price optimization capabilities. As Tim Denman writes in the article, “eBags and Revionics worked together to optimize its next-gen pricing capabilities for its 80,000 strong product array and has seen a significant increase in margins since deploying the pricing solution. ‘We are managing a large number of SKUs and need the technology to find the opportunities for margin growth as well as where we are not as competitive so we can win the buy box,’ Edwards says. ‘We have worked with Revionics pretty aggressively over the past year on this. Now we have a winning hand. Our sales are going up and our margins are going up faster than our sales.’”
But you’ll find eBags’ spirit of innovation in other parts of the business as well, as Mike explains how they have optimized the online shopping experience for mobile users, who account for 46% of sales, and inspire fantastic customer engagement through online customer reviews and targeted couponing strategies.
I love how the article wraps with Mike’s plans to drive aggressive growth in 2017 through expanding its already robust international presence – a strategy that we here at Revionics are executing successfully as well.
We all know the litany of challenges facing retailers today: always-on shoppers who are in complete control, an unprecedentedly tough competitive landscape, the expectation of buy-anywhere, fulfill-anywhere, return-anywhere convenience. So it’s inspiring to see success stories like eBags – proof that with clear positioning, a well-articulated value proposition and strategic technology investments, retailers can both win loyal, happy customers and deliver bottom line results. Here’s to a prosperous 2017 for creative retailers everywhere!