About the Company
What began as a modest $1100 investment in 1990 has developed into one of the most iconic brands in footwear. From a factory in Queens, N.Y., Steve Madden has revolutionized the shoe industry, merging years of experience with unique and creative designs. Inspired by rock and roll and his New York roots, his vision to provide on-trend women and men with an outlet to express their individuality is innovative, daring, and inspiring. Steve’s innate understanding of trends and unparalleled willpower have resulted in millions of customers worldwide and propelled his designs to the forefront of fashion.
PriceBot
Price Optimization
Unites States
Footwear
The Goal
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
uncharted territory.
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?
The Strategy
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.
The Results
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!
More case studies
"How do you know if you’re charging the maximum customers are willing to pay? You don’t. We certainly didn’t. That’s why we use Tontine."
“Finding the best price for each of our products is a lot faster with Tontine. And in our industry, that means we’re able to bring a product that’s on-trend to market a lot quicker.”
"Working with Tontine is as hands-on/off as you’d like. The Price Optimization Experts ensure they’re consistently delivering value without becoming another burdensome platform to manage."
"When we started working with Tontine, they promised us full control, incredible support, and clear-cut ROI. They’ve delivered. You won’t find a more professional & accommodating team elsewhere."
"How do you stay ahead of the rapidly evolving landscape in such a competitive industry? You reconsider every aspect of your business regularly — starting with pricing."
“Tontine’s A/B testing system is very different from anything we’ve used previously — it’s undeniably more effective and impactful.”
“Tontine makes it easy for our team to focus on developing new marketing initiatives rather than the operations of price testing. With Tontine, we’re in good hands.”
"Risk-free price testing is an insurmountable challenge with our complicated custom infrastructure… rarely do you find a team so helpful and willing to dive straight into it to ensure everything is set up perfectly."
“Tontine basically provides the ground truth for any product release, since it starts with pricing. This is a very, very critical piece to the way we operate.”
"Tontine is the best kept secret for Shopify retailers. We can now safely adjust our prices to maximize profit without losing customers, because we have the data to back it up."
"Clients typically see a 5-7x ROI increase on their creative assets even without extensive CRO work — Tontine is our unfair advantage."
"Tontine helped us test different price points for new products with a group of superfans, so when we released the products publicly, it was at the most profitable price."
“Kudos to Tontine’s team for meeting our extremely strict standards and SLAs. The whole Tontine team stepped up and worked hand-in-hand with us to meet our needs.”
"Tontine is a true partner, rather than just another vendor. We rely on them for strategic insights, competitive market analysis, and most importantly, reliable price test results."
"Truly a no-brainer: Tontine is the go-to solution if you’re trying to focus on your business’ bottom line instead of just optimizing for the top line. For us, this is the most important profit lever we have in our toolkit."
"Our biggest concern was the technical lift needed to integrate with Tontine. Thankfully, their Implementation Specialists handled it all, and didn’t stop working until we were satisfied."
"We haven’t discovered an A/B testing solution that prioritizes protecting our brand integrity as much as Tontine has. The only solution that’s truly compatible with our stack."
“No strenuous integration, no ambiguous data, and no friction working closely with Tontine’s team. This has been a dream partnership.”
“Tontine’s AI engine, PriceBot, is exceptional… the more data it ingests, the better it gets at predicting prices, even for unreleased products.”
“We can’t fathom of an easier or faster way to price test our products and receive a decisive result in just days. Tontine is integral to our merchandising strategy.”
.svg)
.svg)
