Steve Madden isn’t exactly what most think of when they think of a “Shopify store,” but even luxury household brands have to find their way to the world of e-commerce, especially amid pivotal changes in consumer habits and spending around the world. With the rise of mobile click-to-buy habits and the quick demise of shopping malls, Steve Madden had to quickly transition from a boutique shopping experience to an innovative online retailer. And though the endless overhead costs that came along with brick and mortar operations were on standstill, when it came to building out their online presence, pricing was
As a public company with a rich history, their budget was tight and their goals were stringent, meaning the increase in COGS from global trade tensions and wildly increasing ad spend from the budding competition amid a global pandemic was causing profit margins to get slimmer even as sales rose. Not very stylish at all, is it?
Turning to Tontine to pivot their strategy with very little time to waste, Steve Madden avoided running thousands of costly analyses to attempt to crack the code of successful pricing, and instead got their team onboarded and to work. No expensive pricing consultants with old-fashioned and arcane formulas necessary.
Of course, being a renowned and beloved brand, Steve Madden didn’t have the luxury of arbitrarily fluctuating their prices and risking potential loss in consumer trust. With that in mind, Tontine was able to deliver a safe and end-to-end trusted solution without damaging their omnichannel sales forecasts. As a giant corporation with strict processes and procedures in place, hundreds of stores
and thousands of employees, rapidly testing and changing pricing was never a possibility in traditional retail. With the help of Tontine's Price Optimization Experts, Steve Madden was able to realize the flexibility and power of online channels, implementing the right prices at just the right time.
With a diverse team spread throughout various parts of the world, Tontine made it simple for multiple team members throughout various departments to pitch new ideas for price tests and work together to find the best solutions without too much technical back and forth. The best part? Tontine delivered on Steve Madden’s sales growth goals faster than the expensive legacy marketing agencies they had hired!