Last month, Julian and Sophie were invited by Startup Secrets to chat about building a technology idea into a global business. They share their experiences and learnings from the perspectives of a CEO and CMO respectively.
Within the first six weeks, each participating John Lewis store was taking 6-7 significant actions to improve every week in Quorso. These ranged from creating a pop-up to sell Christmas trees in the mall outside (sales +60%) to placing a stationery table in the gift department (+£500 a week). Each week, each participating store added £13,000 of extra revenue from these changes – equating to nearly £700,000 a year per store.
Each participating M&S store takes 15 actions in Quorso each week, resulting in 1.9% extra revenue – equivalent to approx. £190 million of additional sales across the company. 96% of Quorso suggestions are able to be acted on immediately, the majority in the store itself, with 4% requiring escalation to central teams, e.g., supply chain.
Within the first six months of use, the Chiquito team had taken over 400 actions, driving a 2% increase in sales, and reducing energy cost by 8%. And along the way, some of those actions went viral. For example, Anthony’s ‘cocktail bingo’ promotion drove a 130% increase in cocktail sales, and was subsequently adopted by tens of other restaurants resulting in a 4% overall increase in cocktail revenue.
Within the first five weeks of use, the Compass team had taken nearly 50 actions, driving a 0.8% increase in sales. They were also able to rapidly intercept some promotions that were in fact harming revenue. And Quorso had paid for itself several times over. Compass are now in the process of rolling our Quorso more broadly – and each week the impact increases.