Technology-focused online retail giant continues to enhance markdowns to predictably and profitably clear inventory
ATLANTA—June 15, 2021 –The U.K.’s largest integrated pureplay digital retailer and financial services provider, The Very Group, has agreed to a three-year renewal of its partnership with DemandTec Markdown Optimization. This renewal extends a collaborative and productive relationship between DemandTec and The Very Group that dates to 2015.
With a proud 100+ year history as a beloved brand, The Very Group stands proudly on its long retail heritage – and at the same time it is a recognised industry innovator with a track record of consistent reinvention. The company, which moved to a 100% online model in 2015, seeks to provide shoppers with the very best online experience.
The Very Group carries products in an array of categories, including toys, sports, electrical, beauty, gifts, jewelry, and accessories – many of which are seasonal items that must be sold through by the end of season to make way for the next season’s items. With DemandTec’s science-based markdown optimization, The Very Group’s pricing team receives recommended markdown plans that enable them to optimally balance goals of achieving financial targets as well as sell-through objectives.
“As a pureplay online retailer, The Very Group is committed to a culture of innovation, leveraging leading technologies to deliver quality, value, convenience, and healthy business results,” said Tom Goulden, Retail Product Director for The Very Group. “We use DemandTec’s markdown science to optimally manage markdowns across items’ entire lifecycle and across multiple categories. This enables us to take a controlled approach to profitably moving clearing items, meeting our target sell-through goals while delivering healthy margins.”
“We deeply value the collaborative multi-year relationship between The Very Group and DemandTec,” said Niranjan Chandrasekaran, Vice President, Worldwide Services, Customer Success and Support for DemandTec. “It’s exciting to partner with a true innovator that continues to grow in sophistication of its use of markdown science to unlock increasing value and ROI for its business.”
About The Very Group
The Very Group is the U.K.’s largest integrated pureplay digital retailer and financial services provider, with annual sales of over £2bn. Its largest and fastest growing retail brand is Very.co.uk, supported by the Littlewoods.com and LittlewoodsIreland.ie brands.
The Very Group receives an average of 1.9 million website visits every day with 82% of online sales completed on mobile devices. It sells 1,900 famous brands, including big name labels and its own exclusive brands. It serves four and a half million customers, delivering 49 million products every year.
The Very Group exists to make good things easily accessible to more people and its aim is to be the number one destination for shoppers who value flexible ways to pay. By offering customers the brands they love and options to spread the cost, it helps them say yes when it really matters.
It has over a hundred years of history behind it, but at heart there is a passion for change – to constantly improve what it does, to innovate with data and technology at its core and to be the best possible place to work.
DemandTec, a strategic business unit of Acoustic, is committed to taking AI automated lifecycle pricing to new heights. With deep and commanding worldwide retail pricing domain knowledge and experience, DemandTec enables retailers and CPG partners to deliver optimal everyday pricing, promotions, and markdowns across all retail channels to thrive in today’s hyper-competitive retail landscape. Ranked among the top 10 providers in 21 categories in the 2021 RIS Software LeaderBoard, DemandTec addresses retail pricing challenges today and into the future with relentless focus, commitment, and ongoing investment. For more information, visit www.demandtec.com or follow us on LinkedIn or Twitter. To learn details about our RIS LeaderBoard rankings, visit our resource page.
Acoustic is an open, independent marketing cloud and analytics provider. We’re reimagining marketing technology by lessening the burdens of repetitive tasks and equipping marketers with powerful technology that is simple and easy to use. We give marketers more time to do what really matters—to think bigger and put themselves back into the work. We help marketers aim higher, bringing humanity back into marketing. Acoustic serves an international client base, including Fortune 500 companies, providing digital marketing, marketing analytics, content management, personalization, mobile marketing, and marketing automation solutions. For more information, visit www.acoustic.com.