Caraway once struggled with their data, until they started using Daasity:
But that was then: a Daasity merchant since 2020, Caraway is now well-versed in the data game, and the team knew they needed a dashboard dedicated to data and insights around its recent brand-shifting bakeware line launch.
The product launch dashboard allowed the Caraway team to quickly gain insight into not only what products customers were buying, but who was buying them, so they could understand if the new line was attracting new or returning customers.
This helped the team to make launch day ad adjustments and website navigation optimizations in real time, pushing customers toward the strongest sellers. The team made the same data optimizations across their retention marketing efforts, highlighting products that were selling well to specific segments in tailored emails and SMS messages.
Additionally, the team has been able to track its marketing costs and efficacy for its eCommerce business:
By closely monitoring their growth channel dashboard to optimize marketing spend in February 2022, the team was able to increase Blended ROAS by 10%+ in only two weeks as they adjusted their strategy to pull back spending in less efficient channels and increase investments in owned channels.
There’s no such thing as a free launch, especially in the face of the rise in landed costs (i.e., materials, production, warehousing) due to inflation. To ensure that they remain profitable, Caraway relies on Daasity to keep track of product costs and their margin to ensure profitability with each sale.
Due to higher COGS, the team was looking to increase the prices of some products in order to preserve margins.
Of course, raising prices is, at best, tricky. From the brand side, it’s hard to know whether a price increase will cause customers to turn to your lower cost items–or even a competitor.
The only way to more confidently raise prices and understand the impact of higher prices on sales is to track individual product sales and product page conversion rates, which Caraway did, using their product & website metrics dashboards:
On one product, for example, Caraway was able to raise prices by 12.5% without a measurable decline in order volume, allowing them to grow their top & bottom lines.
With data-backed confidence, Caraway had a successful product launch. What’s more, down the road, the team will be able to test pricing on other products and launch future product lines based on real-time data and continue to grow the brand.