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Advanced Analytics Shape the Future Success of Apparel Brands

Late American management expert Peter Drucker was ahead of his time when he commented that "What gets measured gets managed." This quote speaks to the importance of analytics to any organization. However, the face of analytics has changed significantly since Drucker's days in the business world. Today businesses are increasingly turning to advanced analytics. Advanced analytics goes beyond examining historical data and focuses on predicting future behavior and events. Predictive analytics, data mining, location intelligence, and big data analytics are just a few types of advanced analytics. Discover how these modern tools can help shape your organization's future success.

Understand What Shoppers Want

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Traditional analytics tell apparel brands how previous collections sold but provide no indication of how popular future lines will be. Waiting to see what occurs on the runway leaves fashion designers one step behind. Trend websites hint at the next big thing but fail to consider the unique requirements of a brand's demographic. Advanced analytics looks ahead to guide businesses, including fashion labels, in new product development.

More accurate predictions of market demand allow apparel firms to maximize their profits by selling the greatest number of items at full price. When fashion firms use advanced analytics effectively they won't need to discount as much stock to clear it. Shoppers also become loyal to a brand when it consistently delivers clothes they love. Cultivating that brand loyalty increases the chance of success.

Save Time and Money

In the past, fashion houses would spend time competitive shopping to research their rivals. Julia Fowler, a former fashion designer turned advanced analytics expert specializing in fashion analytics, told Fortune this process could take design teams one week out of every six. They'd note the number of different items in specific fashion categories and their pricing in software databases to inform their business decisions for the next six-week period. This process was time-consuming with a high risk of human error. Advanced analytics platforms can provide the same information faster and more accurately.

Connect All Parts of the Consumer Experience

Today people don't simply visit a store to buy clothes. The shopping experience often occurs via numerous digital channels and in a physical store. It's not unusual for someone to see a new look on a fashion brand's Facebook or Instagram account, go to the website to price the piece and learn more about how it's made, and then visit a store to try it on and make a purchase. Then he or she might show off the new outfit on a personal social media page and get feedback from friends.

At every stage of this process, data is collected about the consumer. Advanced analytics tools like Data Discovery Platforms gather this information and connect the dots for a complete understanding of consumers and their shopping experience, two key indicators of success.

If you're unsure how to work with advanced analytics, contact The Apparel Logistics Group. Our customized information technology and apparel inventory control support can give you the data you need to succeed in the fashion industry. Complete our online form to arrange a free consultation with our friendly customer support team.

Posted: 8/9/2017 2:22:27 PM by Global Administrator | with 0 comments


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