Celebrating Series A: Syrup in the numbers

The entire Syrup crew is currently in celebration mode. And I don’t know about you, but for me, nothing gets the party started faster than a deep dive into data. I am a data geek, after all.

Why are we celebrating? Well, in case you missed the news, we recently raised our Series A round of funding — a major validation of the hard work we’ve been putting in over the last 3 years. During that time, we’ve been consistently improving our machine learning algorithms, bolstering our core product offerings, and partnering very closely with our customers to ensure Syrup delivers the value we know it’s capable of.

Let’s take a look at that value by examining some interesting metrics I’ve been keeping my eye on.

13.7 million

Let’s start off with the power of combinations. One of the biggest challenges planners face is the accelerated complexity that occurs with the addition of any new item or store. I won’t bore you with the specifics of combinatorial math here, but suffice to say that what seems like a small change has massive implications.

That 13.7 million number, for example, represents the all-time unique combinations of items and stores across our customer base. Considering we’re working with a relatively small (but growing!) group of brands, each of which manages a reasonable number of products (about 15k on average), hitting the multiple million mark is jawdropping.

The important takeaway here? As we increase in specificity, for example by adding size or color into the mix, the number of combinations scales even faster. Our platform delivers allocation recommendations at that style x size x color x location level today, managing a truly incredible number of combinations while making accurate forecasts for each. That level of scale is simply way too hard for a human to manage — and we’re happy to take that nightmare off of planners’ plates.

$5.2 billion

Now, let’s take a look at what’s at stake. At the end of the day, we want our customers to be as successful as possible, and one of the best ways we can do so is to reduce waste. Marked-down (or worse, landfilled) inventory is, put simply, lost revenue.

Our customers entrust us to oversee inventory that is worth, at any given moment, up to $5.2 billion. No, that is not cumulative over time. As I look down right now, that’s the dollar value of inventory in the Syrup platform.

Growing brands don’t have the luxury of wasting opportunities. Maximizing full-price sell-through of goods worth approximately the GDP of Fiji is a desired outcome we take very seriously.

40

I bet you thought I was going to look at a different number here. After the grand and somewhat incomprehensible set of numbers we’ve already covered, I thought it would be good to ground ourselves a bit.

Every day, planners and allocators sit down at their desks, pull open Excel (usually), and do the underappreciated manual work of deciding how much product, and in what range, should be at each of their brand’s stores. 40 of them are already using Syrup to make easier the challenge of managing item combinations in the millions across inventory in the billions of dollars.

It’s much easier, for me at least, to picture 40 smiling faces than it is to think about what $5 billion looks like. And at the end of the day, those smiling faces are what matter most to all of us at Syrup.

Interested in seeing the level of impact that Syrup can have for your business? We’d love to walk you through a free data analysis. Just fill out the form here.