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What events led to the start of Omnilytics? Share with us some interesting personal experiences that convinced you that a product like this was necessary.
Mr. Wong: There wasn’t a particular moment that convinced us but instead, a series of conversations. We speak to fashion brand owners every day, and there is always a common thread in the way they operate. More often than not, brand owners make business decisions based on gut-feel. They stock what they like, they price based on what they feel like. Essentially, this is like playing guesswork, and it's an extremely risky bet to take - especially in today's increasingly fast-paced retail environment. We realised this and paved the way with Omnilytics, where we now help brands and retailers grow with data. Every product, pricing, trend - all backed up by solid facts.
Ms. Yin: I agree. And I also think back to one of our very first clients here in Singapore. She grew her business by 60% with the help of Omnilytics because she started making decisions backed by data. This includes assortment planning and setting discount strategies. Her success story was confirmation to us that what we are doing is valuable - we are helping brands grow.
What were some of the challenges you met at the beginning and how did you overcome them?
Ms. Yin: Earlier on, data adoption was a new concept for many brands and retailers in the industry, and as Ken mentioned earlier, many resort to intuition. It's like a security blanket for them. What's more, 'trust your gut' is a common saying. When you rely on gut instincts, the inaccuracy often leads to overstocking issues, deadstock and misaligned trends. But we knew from the get-go that data isn't the future - it's right now. So to overcome this hurdle, we provided education - where we nurtured and taught brands how to navigate in the world of data. It’s our responsibility to inform and educate, and we're glad that we were one of the first in the country to instil this confidence in them.
Mr. Wong: After trying it out, brands and retailers could see how the data in Omnilytics impacted their business - and they adopted it in a heartbeat.
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