Vietnam's first "couples brand" becomes Palexy's most recent client.
Ho Chi Minh City. -- November 14, 2019 --
After running a series of successful trials at three pilot stores, Palexy has officially teamed up with Couple TX, the leading fashion retailer known as "the brand of love and connection”. Couple TX will leverage Palexy’s proprietary AI technology to utilize new data, deploy business analytics capabilities, and optimize their customers' in-store experience.
To date, Couple TX is the country's most thriving example of couples branding, initially (and to some extent currently) a niche market in Vietnam. Starting with only one online store selling matching "his and her" apparels in 2008, after a decade, Couple TX has expanded into "the brand of love” with a diverse product line for couples, families, and groups of friends. As of now, Couple TX has more than 50 stores nationwide, a crew of 300 employees, and its combined revenue has surpassed the 10-million-dollar mark. To summarize its 10-year journey, Ms. Xuyen Nguyen - the Chairwoman of Couple TX stated, “We started online, but we succeeded by daring to invest in offline retail”. She elaborated, "Vietnamese people, for the most part, still prefer in-store shopping. Many customers would use our website to browse new styles. They would then come to the stores, try on the clothes in person, and buy directly from there". Up to now, online earnings only account for 3-5% of its total revenue. Therefore, optimizing customers' in-store experience is itsr key priority. Three reasons why Palexy's AI Solution is perfect for that goal:
First of all, Palexy’s AI Solution accurately measures conversion rate by tallying both the exact number of unique visits and the number of transactions made. Ms. Huong Vu – Couple TX's CCO explained the necessity for that, “Just looking at transactions and gains is no longer enough. The competition in the fashion retail industry has become more and more aggressive lately, with droves of global and local players vying for a piece of the fixed pie. As a result, once customers are in our stores, every second counts. We can no longer afford to miss out on capturing their attention. By monitoring our conversion rate, we keep a firm grip on our performance (or lack thereof). The other solutions we looked at were either inaccurate or too expensive”.
Secondly, Palexy’s technology allows Couple TX to visualize the complete customer journey. Many retailers are plagued by unanswered questions, such as "Which is the most expedite route to the cashier desk?', 'Which are the most and least visited zones?',' At which point do most customers drop out?', also known as the loathed "leak." Ms Huong Vu illustrated with an example,“If the biggest leak is the fitting room, then we need to fix the products themselves, because it is most likely a sizing/ fit problem”. Or by enhancing visual merchandising in a less visited section, Couple TX could dramatically increase visits to that section.
Thirdly, Palexy AI Solution groups customers into different age/gender/behavior segments, making it easier for Couple TX to target them more effectively both online and offline. Vietnam is a divergent landscape for retail, geographically speaking, and customer demographics at different locations could be poles apart, even contrasting. With Palexy AI's assistance, Couple TX could tailor specific staffing, coaching, merchandising, and targeted marketing efforts.