Nick Porter and Cathy Han
TECHNOLOGY
Consolidating Sales Data to Drive Growth for Retailers
42 Technologies is a cloud-based tool designed to assist apparel retailers to sort through raw sales data from all vertical channels to help grow revenue. The platform uses proprietary technology, built in-house, to shift through vast amounts of data in short periods of time to deliver consolidated automated reports.
Based in San Francisco, 42 Technologies was founded in early 2013 by Cathy Han and Nick Porter, both of whom came from Fortune 500 companies. Recognizing the time and energy companies were spending to sort through raw data to crunch numbers, Han and Porter set out to mainstream efforts to increase sales and shed light on where resources would be best and most effectively spent.
“We saw an opportunity to bring technology into retail with a user-friendly interface to consolidate all digital sales channels into one source of truth,” Han said. “The client gets a clear visual of where their sales are coming from.”
42 Technologies uses algorithms to scan data to identify growth opportunities and reduce inefficiencies. From the collected data, it is then able to identify where to focus resources and how to better monetize point-of-sales data. The technology provides specific recommendations based on the client’s sales numbers month-to-month and year-to-year, focusing on merchandised categories, customer demographics, sales regions and store locations, in order to grow revenue. The weighted analysis provides visual insights into merchandising optimization to provide clients with the most effective ROI (return on investment) strategy, which will in turn also theoretically help to reduce markdowns.
“Retail has been slow to adopt technologies to increase efficiencies and decrease inefficiencies,” Han said. “In the next three to five years, we think retailers will be looking at data differently as digital channels expand and multiply. We are excited about this dynamic new opportunity we are offering to stay ahead of the curve.”
The business model is set up as a month-to-month subscription service, and the website offers complimentary trials for retailers who are interested. The company is currently working with retailers across North America and Europe, with plans to soon expand into Asia.
For more information, visit www.42technologies.com.
