Feedback
A pioneer B2B media and publication platform connecting with Fashion Brands & Retail in India

Predictive Analytic tools helping brands/retailers stay ahead in fashion

Predictive Analytic tools helping brands retailers stay ahead in fashion 001With designer labels filling up consumer’s wardrobes and fashion changing at lightning speed, the attention span of consumers is less than that of a goldfish. Given this scenario, designing clothes that last beyond the next week seems foolish. Therefore, to help designers traverse through the fashion landscape with solid direction, tech companies are using predictive analytics.

A long tradition

While outwardly, predictive analytics may appear to be antithetical to creativity; design houses, manufacturers, and retailers have always engaged in analysis, albeit perhaps not in a formal sense. Reviewing what has sold well previously, researching the history of a brand to inform future styles and staying on top of things like color trends are all basic analytics that have always being used by designer teams and merchandisers. However, the newer role of data is meant to give more developed insight into what consumers want.

‘Edited’ is a retail technology company that helps retailers and brands around the world ensure they have the right product at the right time for the right Predictive Analytic tools helping brands retailers stay ahead in fashionprice. Among other things, it creates dashboards where executives can compare their own successes and failures from the previous season, and that of their competitors. Planning toolkits also help companies set up trend parameters, identify key growth areas, and the subcategories that drove that business.

Use of smart apps

Use of data can help brands develop a closer relationship with their customer. As per a Cotton Incorporated Lifestyle Monitor™ Survey, nearly half (46 per cent) of all consumers would like apparel brands and retailers to use information from their purchase history to personalise their shopping experience, Additionally, 46 per cent consumers wish apparel brands and retailers knew more about what they like and how they shop. And more than one-third would like brands and retailers to focus more on local trends and styles in their cities.

Data can be a guide when a designer feels creatively stifled or when his team feels that the data is pointing out something new and different which they should try, even if that’s not the case. The study points out, nearly 40 per cent of consumers use apparel brand and retailer apps on their smartphones or computers to shop online or in-store. And 54 per cent consumers are more likely to buy clothes from a store that offers personal clothing collections based on previous purchase history and preferences.

No guessing games

This is the type of data that brands and merchandisers can mine for future collections. According to Tableau Software fashion retailers are using embedded analytics to validate orders for certain styles, size, and color to avoid incurring additional manufacturing costs for small production run sizes. Fashion Snoops is another forecasting agency that works with companies to act on future trends. Their perspective is to understand how the consumer lives, what they eat, what kind of music they listen to, where they travel. All this sets the tone and intention on product that will serve and resonate with them. The company also identifies cultural macro and micro trends using news articles and social media. They follow the trends throughout the year and then help inspire design themes based on that. This includes color, texture, shape, and material. For brands and retailers, having these various data points will help take the guesswork out of how best to reach consumers.

 

LATEST TOP NEWS
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10

Facing financial pressures, is Alok Industries on the verge of closure?

Facing financial pressures, is Alok Industries on the verge of closure?

Alok Industries, one of the most formidable players in Indian textile space, has been reeling under financial pressure and may soon be declared bankrupt if the dues aren’t paid. The... Read more

Fusion Beats: Creating a niche with a mix of traditional & western wear

Fusion Beats: Creating a niche with a mix of traditional & western wear

Fusion clothes fill the gap between the western and the traditional, and in India, Fusion Beats has created a niche in this space. Modern women seek for garments, which are... Read more

Bengaluru to host last show of JFW S/S ’18 runway showcase

Bengaluru to host last show of JFW S/S ’18 runway showcase

Junior’s Fashion Week is all set to conclude its Spring/Summer 2018 at Bengaluru with international brands like U.S. Polo Assn. Kids, Cherry Crumble California, Marks & Spencer, The Children's Place,... Read more

Soch launches week wear collection, focuses on retail expansion

Soch launches week wear collection, focuses on retail expansion

Women’s ethnic wear market is growing consistently with the infusion of a variety of new silhouettes and styles that enhance the fashion quotient while being comfortable. Trendy fusion wear, which... Read more

Predictive Analytic tools helping brands/retailers stay ahead in fashion

Predictive Analytic tools helping brands/retailers stay ahead in fashion

With designer labels filling up consumer’s wardrobes and fashion changing at lightning speed, the attention span of consumers is less than that of a goldfish. Given this scenario, designing clothes... Read more

India’s growing prominence in global e-com landscape

India’s growing prominence in global e-com landscape

The Hong Kong Trade Development Council has published a research on India’s growing e-commerce consumerism. As per the report, India is considered a difficult market to do business, despite substantial... Read more

Duty-free Chinese fabrics get converted into RMG in Bangladesh, enter India

Duty-free Chinese fabrics get converted into RMG in Bangladesh, enter India

Increasing apparel imports particularly from Bangladesh is silently disrupting India’s domestic textile value chain from fibre to apparel, suggest some reports. The industry has asked for immediate government intervention to... Read more

No Nasties optimistic about growth of organic clothing in India

No Nasties optimistic about growth of organic clothing in India

No Nasties today is one of the largest exporters of organic knits. Speaking about their upcoming collection and its emphasis on organic clothing, Apurva Kothari, Founder, No Nasties, says, “We... Read more

V Bazaar eyes 562,000 sq. ft. retail space by March 2020

V Bazaar eyes 562,000 sq. ft. retail space by March 2020

Knitwear as a category is not only more value for money but also trendy and in-fashion for V Bazaar’s customer base. The category contributes more than 70 per cent of... Read more

Alcis Sports to open more EBOs this year

Alcis Sports to open more EBOs this year

The active wear and athleisure market in India is poised for big growth as it’s passing through an exciting and interesting phase as the line between performance wear and lifestyle... Read more

MOST POPULAR NEWS
Go to top