How Fashion Retailers can Benefit by Implementing Big Data
Big data is significantly revamping the way designers create and how they market their clothing. The implementation of big data throughout the fashion industry not only enables designers to understand customer preferences more precisely but also gives a major boost to the marketing of fashion products. In the fashion industry, what appeals to one may not intrigue the other at all, which makes it crucial for fashion brands to create and sell clothing based on the type of customers.
Given the potential of big data to assimilate data that is high on volume and veracity, as well as variety, numerous industries have embraced big data, with fashion industry being the latest addition to the list. In order to enhance the products, fashion brands collect humongous amounts of data from multiple sources pertaining to consumers’ requirements, interests, and preferences along with their taste in fashion. By analyzing these volumes of data effectively, a fashion company can reveal the latest fashion trends and customer preferences before other competitors in the market. Furthermore, the data streaming in from various social media platforms can help brands price their clothing based on the sentiments and expectations of customers.
As fashion retailers are mostly concerned about understanding the strategies of their competitors, a fitting big data tool can provide these retailers with insights on the competitors’ fashion campaigns. This will not only help fashion retailers execute campaigns better than their peers but also guide them to launch products and engage with customers in an impactful manner and also—more importantly—at the right time. Big data can also accurately predict the attendees for an upcoming fashion event, helping designers tailor their products accordingly.
Another issue faced by retailers revolves around shoppers who show interest but do not buy the product eventually. By analyzing the customer behavior using big data, brands can price their products so as to attract these shoppers and ensure stock clearance while also ascertaining a rise in cumulative profit. This technique can be implemented more effectively for the end-of-the-season sales.
In addition to these benefits of big data, fashion retailers can also incorporate AI, IoT, and machine learning in the near future to gain real-time insights, and in turn, create the next generation of innovative fashion trends.