When it comes to fashion retail, new technology is propelling business competition and innovation in 2021. The use of retail data analytics, as well as platforms geared towards multi-structure sources of data, helps to drive quick customer responsiveness in real-time. The app-like user interfaces are made to look simple, intuitive, and contextual for solving problems even by any person, who is not tech-savvy.
The use of innovative technology is making businesses embrace mobility when it comes to the use of analytical tools in a retail store, at the business location, as well as in customer-facing mobile apps. That is the reason why fashion retail businesses are focusing more on technology that helps supply chain responsiveness, collaboration, and visibility. In this blog article, we will walk through how enhanced analytics helps in driving business innovation in 2021. Read on to learn more.
Fashion analytics helps in the efficient management of your product lifecycle leveraging advanced projection methods, multiple sources of diverse data like social media and digital data in the analysis of demand, and advanced algorithms for predicting possible changes in consumer demand.
Influencing and empowering consumers
Digital advertising and branding are ever-increasing and online retail analytics cost have increased did increase significantly. The development of social media platforms, as well as digital advertising on mobile devices, would continue to grow and develop as a combination of offline and online consumer experience, which is at the hit the highest point. Advanced retail analytics has also helped to increase a consumer brand’s potential to motivate and empower buyers or customers on the digital landscape for influencing your brand image and brand value.
When you have fashion retail analytics and tools, you gain the ability to incorporate consumer insights when it comes to product preferences, improved understanding of psychographic and lifestyle sale drivers, and geo-demographic variations – all of this now easily controllable at speed and granularity.
Cross-sell product and upselling through customization
With the advancement of technology together with the availability of loads of data these days, retail businesses in the fashion industry are making the most out of cost-effective retail analytics tools to assess chunks of customer data. It helps businesses to detect purchase patterns and consequently personalize their offers for their valued buyers. It, therefore, helps in outsmarting and outshining their competitors.
Planned consumer segmentation lets your fashion retail business implement a compatible marketing strategy covering every concept. When you can figure out your buyer’s attitude, purchase behavior, demand, and identify trends using fashion analytics, you can make relevant and intelligent marketing decisions.
Retail analytics helps to cut down business as well as seasonal cycles to realize changing consumer likes and preferences, enables greater supply chain responsiveness, and ensures more precision when it comes to in-season control by improving the 5Ps of marketing and reducing losses.
Performing promotional analysis
When you have fashion retail analytics in place, it will help you in the better implementation of in-season activation campaigns or programs, the potential to deliver customized communications on smartphones depending on consumer likes, purchase history, advanced segmentation, and geo-location.
With analytics, you can better manage full-price sales, improved price-cut optimization, controlled pricing during promotional phases, and pricing uniformity across different channels.
Forecasting upcoming trends in the fashion sector
Predictive analytics tools in the fashion industry are helping retailers foresee trends in fashion and sales details from a wider range of sources across the globe via social media sites, designer runway reports, retail websites, and even blogs covering the trends.
Analytics makes all of this available in real-time covering men’s appeal, women’s appeal, skincare, kid’s products, beauty products, as well as accessories.
Besides having the potential to mix both internal and external sources of data, businesses can now gain more perspective for their data resulting in improved and greater insights and informed decisions.
Using the online shopping tools
With the use of data analytics and BI, virtual assistants offer more product recommendations depending on customer preferences, buyer inputs, and purchase history. There are tools to help you create personal profiles, preferences, and fitting sizes for occasions.
The popularity of subscription models
Use advanced fashion analytics so that you help customers try and purchase new items, target appropriate offers to particular buyer profiles, and provide fashion specialist recommendations in a box.
Creating insights through customer advocacy
With the analytics software, you can easily generate useful insights from customer advocacy programs, activation programs, and fashion ambassadors so that you have a profound understanding of upcoming topics and trends, demand, and responsiveness when it comes to online engagement.
Fashion data analytics solutions are like trend predictors to monitor the smartphone tap or click of online shoppers as well as the products bought. Analytics will help to predict demands, understand consumer behavior, boost sales, and stay competitive.