E-commerce and omnichannel retail strategies have revolutionized the way consumers buy products, but maintaining consistent pricing across global markets can be an obstacle for organizations. By harnessing a focused data science strategy, organizations can avoid pricing pitfalls.

Treating analytics as a strategic asset at the senior level has enabled a fashion-focused startup to innovate. Rent The Runway, an online service that rents occasion dresses, caters to its fashion-forward clientele through unique services such as on-call stylist advice and customer’s “style moment” photos. These services, driven by data and analytics, are what set Rent The Runway apart from its small pool of competitors.

To avoid costly product failures, companies can integrate customers into the innovation process and ask for their commitment to purchase early on.