SoundOut is an online product testing company that enables retailers to optimise their ranges and improve their forecasting. We do this by crowdsourcing millions of reviews and ratings from consumers via our review site at www.slicethepie.com. All reviews are normalised and weighted, meaning that every product we test can be benchmarked against products previously tested.
To date we have generated over 25 million reviews and tested over 500,000 items, and across a typical retailers' range are consistently over 80% accurate at catagorising best and worst sellers. After just one year, a current client has already reduced wastage (obsolete stock) by more than $2 million, representing a return on investment of over 20 times.
Since late 2015 we have significantly expanded our data science and machine learning capabilities enabling us to rapidly build predictive forecasting models for our clients. These forecasting models enable our clients to test items and accurately predict total demand based on any given factors (eg retail price point, number of stores, seasonality etc). It is also possible to advise the optimum retail price that will deliver maximum gross margin as well as model discounts/promotions etc.
The SoundOut platform is a cloud hosted solution and can be rapidly configured to service any size organisation in any vertical market.
The platform is accessed via a web browser and enables a user to upload items for testing and to select the demographics for testing (US or UK, male or female, each in 3 different age demographics). With the click of a mouse the item is sent for testing on www.slicethepie.com with detailed results being returned within as little as 24 hours.
As well as in depth results analysis and semantic analysis of over 10,000 words of reviews for each item, the platform enables you to build side by side comparative projects at any time. This means you can test new items and compare these with others you are considering ranging or even test this season's samples against last season’s best sellers.
Use of the platform also gives you access to our team of data scientists who will help you calibrate your results and, when used across a category, use advanced machine learning technologies to build customised predictive forecasting models for your organisation.