Studio Retail have a rich history going back more than 50 years, offering a varied product range covering leisurewear, electrical, household, textile, bedding, furniture, nursery products, gifts and greeting cards. Traditionally a mail order retailer, Studio now serves many of its customers online. Orders are fulfilled from centres in the North West of England, where Studio is a prominent employer.
Studio have embarked on a three year transformation programme to grow the business in to a £1bn retailer. A key pillar in this strategy is data, and Studio have embarked on a journey to put data at the heart of their decision making as they become increasingly digitised across all aspects of their business. The challenge was to create an innovative approach to create value from data, and ultimately decisions across key functional areas of Studio’s business.
Studio wanted to move at pace to drive value from their rich data assets today, engaging HyperFinity to create their Data Science Incubator. A data ‘Lab’ environment where ML and AI solutions could be created and executed at pace. Leveraging our decision intelligence platform, we combined Studio’s key data sources within leading technology to enable data science innovation at speed. In conjunction with HyperFinity’s data science expertise, we’ve created an environment to build and deploy cutting edge machine learning and data applications.
In the first 12 months running Studio’s Data Science Incubator, HyperFinity leveraged the solution to deliver enhanced media targeting and build category management capability to provide the Trading function with a data driven framework for range expansion in line with the strategy. Leveraging predictive modelling techniques, price elasticity calculations and delivering complex data science solutions through easy-to-use BI, we put the power of data in the hands of the decision makers.
HyperFinity is supporting Studio in a continuous programme of data enhancement in line with their strategy, moving from diagnostic applications to predictive solutions, and ultimately automation. Key projects include data-led intelligent markdown management from increased margin, and uplift modelling for increased ROI on key marketing activity.