How consumers try and buy products has completely evolved over the past few years—with at-home trials, online subscriptions, and faster, easier shipping and returns to anywhere in the world. These new consumer expectations require companies across all industries to step up their game and deliver on this type of customer experience.
In 2014, Ryan Shaw founded a subscription-based vaping startup, called Shoreditch, in London with the mission of delivering customers great-tasting locally-made e-liquid—the mixture used in vapor products—to their door at any moment and at a fair price. Today, the company manufactures their own line of e-liquid and is delivering ~7,000 packages to their customers every month.
Monitoring business growth
All founders know that understanding customer needs and behavior is critical for any growing company in any market. But the task of data collection and analysis is challenging for small businesses with limited resources. They sometimes struggle to make a meaningful interpretation of the data they collect or to share all this information with their investor.
From the beginning, Shoreditch acknowledged how important it is to keep an eye on important customer KPIs, such as number of signups per day, average of average daily spend, booking numbers, and more. Even though stakeholders would receive these KPIs every morning via email, they were unable to drill into the data or display it in an easy-to-understand way.
“Doing any sort of customizations or more sophisticated cohort analyses was extremely difficult and manual,” said Shoreditch’s CTO Paul Tarr. “We had to write SQL queries and scripts to manipulate the data into a format we wanted to use. The process consumed precious development hours, and we knew we had to automate some of this work.”
Finding the right analytics partner
For Shaw and his founding team, they wanted to start Shoreditch off on the right foot with a deep understanding of their business, so they can be transparent with both their investors and customers. What drives user signups? What do customers prefer to buy and when? How do certain groups of customers interact with various campaigns? What’s changed since the previous month?
Tarr started to look for a platform that would let them aggregate their data and visualize it in an easy way. Just before purchasing another platform that would require heavy cash investment upfront, Tarr got a tip from one of his advisors to take a look at BIME Analytics.
“As a startup, we wanted to find something simple that would not only meet our current requirements but could grow as we grow,” Tarr said. “We evaluated several different options and BIME checked the most boxes for us.”
Three months later, Shoreditch onboarded onto BIME, integrated it with their MySQL database, quickly built out dashboards that showcased all their KPIs, and start digging deeper into their customers’ behavior.
“With BIME, once our dashboards were created, the data would refresh daily and we could run ad hoc analyses in minutes,” Tarr said. “Our development team no longer had to spin their wheels writing repetitive scripts but now could spend their time solving more complex problems, like doing interesting cohorts analyses and understanding product behavioral trends.”
BIME made this possible by making it easy to drill into any dataset quickly, add new calculated attributes, and visualize the changes immediately, Tarr added.
“BIME has helped our company gain credibility among our investors by providing them with a window into our business,” Tarr said. “We’re able to demonstrate improved business performance, efficiency, and more strategic allocation of our engineering resources.”
What’s next? As Shoreditch grows, Shaw and his team aim to go beyond basic, reactive reporting, with plans to integrate machine learning capabilities to predict user actions, evolve business processes to adapt to customer preferences, and manufacture better products for the exploding e-cigarette industry.
Learn more about how BIME Analytics can help your company grow.