In the past two years, Love, Bonito has been accurately forecasting the demands of its customers, with a monthly mean average percentage error of less than 10%. Because of this accuracy, the brand is able to prevent overproducing items and cut out underperforming products. This was all thanks to its established data team and infrastructure.
Love, Bonito's in-house data team and infrastructure were established in 2019. It initially aimed to make analytics scalable and build a data culture within the company.
Now, its data team focuses on translating actionable insights from data, building automation and decision modelling to drive growth and efficiency across the organisation.
"This allows us to identify and recreate winning designs that customers love and at the same time, improve other designs based on customers' likes and preferences. There are also plans to use data science and AI to enhance customer experience based on customers' psychographics and shopping habits online and in-store," CEO Dione Song told Singapore Business Review.
This story is from the Issue 102 edition of Singapore Business Review.
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This story is from the Issue 102 edition of Singapore Business Review.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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