The Data Behind The Design – Meet Y Ventures Group
Faire Leather Co. is our first foray into using our proprietary data analytics to develop a private label brand with a brand partner, and we couldn’t be happier with what has come up when you pair market data with unparalleled expertise in leather that’s backed up by years of experience.
But before we get into the geekery, let me get the formalities out of the way and share with you what Y Ventures does. Y Ventures is a public listed eCommerce distributor and retailer with a presence on 25 online marketplaces across 10 countries, powered by proprietary data analytical tools that helps us sell better, smarter and more efficiently. As for me, I undertake marketing and business development here, and am always looking for ways to integrate our data analytics both for our own product development, and for our other brand partners.
A partnership with Tocco Toscano made perfect sense for us.
We were introduced to the team at Tocco Toscano, and through our discussions of gaps in the leather goods market, we saw an opportunity in developing a Singapore leather brand that had a focus on function, with a direct-to-consumer business model that allowed consumers to enjoy quality leather without burning a hole in their pockets. After all, what’s the point of having a wallet if you have no money to fill it up with? As you might already know, the combination of Joe and Ryan’s mix of passion, experience and creativity then led to the birth fof Faire Leather Co..
Diving into the data.
To start things off, the FAIRE team started designing and conceptualizing, and we at Y Ventures started crunching the data. Results from the sentiment analysis (or in human terms, everything that people liked and did not like about what the market was currently offering) allowed us to check off the first round of product validation in terms of product features and leather types, and pricing intelligence set the stage for a price levels that is competitive in the market, and faire for the consumer.
With the endless tabs of excel sheets (what would we do without them!), word clouds, and pricing tables, FAIRE Leather Co. used the data to come up with multiple samples, and conduct focus groups that allows them to be a truly consumer-aware brand.
If it’s anything that I enjoy about working with the guys at FAIRE Leather Co., it’s their crazy work ethic.
I remember being in a meeting with the team at FAIRE, and Joe came to the office straight from the airport, and started talking about how using the travel briefcase during his holiday gave him inspiration of new components for future products that would make the FAIRE experience even better. Function doesn’t have an end game with the guys at FAIRE, and they will always look for more ways to create products that seamlessly fit into any aesthetic, lifestyle and situation. And we at Y Ventures will always be crunching the data to help them with their next foray into redefining functionality, all at a faire price.
So, buckle up your metaphorical leather seatbelts and hold your breath, because with FAIRE’s love for the leather and Y Venture’s data capabilities, there’s more functional luxury coming your way.
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