Style Perfomance Analytics
Ever heard of Style Performance Analytics ( SPA)? Considering that it is transforming the most intuitive and un-predictable Fashion industry it may come as a pleasant surprise.
Fashion industry being intuitive is considered the most unpredictable industry with trends becoming outdated every season. An industry dependant upon trends has in past relied on past data to determine the future predictability of a style or trend. Both individual designers as well as retailers focus and would like to predict designs and merchandise that will be commercially viable once in stores or online. With the advent of big data things have changed for better. The change is not only in the way a clothing is being sold but even how it is being sourced, designed and merchandised.
Thanks to SPA all of this is a reality. Let us try to find what has really been different with SPA that has caused this welcoming change enhancing the art of clothing even more.
By the finishing years of first decade of 21st century internet had already revolutionised music and media industry and it was now ready to revolutionise other industries along with the fashion industry. With the recession setting in there was a rise in cheap chic in fashion industry. Retail was hit by changing spending patterns and amidst all this many top names in businesses questioned even the world runway shows ( NewYork, Paris and Milan). The hyperbolated fashion was becoming less significant in people’s lives and interestingly people were seeking more personalised fashion suiting their style. Additionally with advent of internet it became easy to find a style most suited to individual persona at no cost.
No surprise then Internet was becoming the source of style arbitrators as well as more convenient media to buy anytime and anywhere. Between technology and economy the fashion industry started changing. Older approaches had to be dropped in favor of staying in business. In the new environment the consumer needs and demands were changing too fast. Most Fashion houses and brands did understand this and rapidly started transforming into omni-channel brands with increased spending on the new media. One of the greatest influence as we all know of online was that it transformed even the brick and motor shopping where inplace of sales people we had fashion stylist helping customers choose the right merchandise and give a seamless online and offline experience.
Fashion industry transformed into fast moving trends and style. While fashion always led the discovery and development of trends, however, now it had to do the same at a much faster pace. With online media, ushered in the age of big data which made analytics and insights possible almost in real time. Prior to these churn years, fashion industry was using previous year’s data to determine the popular style and trend of future. However, now retailers and the world trend authorities like WGSN started using analytics platforms and making smarter evaluations in real time.
Today, google searches and social analytics are few obvious ways to find what your customers are looking for. However, much beyond this many companies like EDITD, ITC Infotech and more are changing the way fashion businesses are engaging with big data. Co-founder of Editd – Julia Fowler, during her days as a fashion designer found herself challenged on lack of information avaliable to understand the trends. This propelled her to start her own analytics company to address and help apparel retailers with the growing need for placing the right product at the right time. In her words, “Every time you see a product on discount, it’s because the wrong decisions were made, This leads to a lot of wastage in the industry. I wanted to fix that problem.”
So how are we fixing this problem today? Or simply revolutionising fashion business in style?
SPA for revolutionising fashion business in style
Today there are multiple style performance analytics(SPA) organisations offering predictive analytics solutions with many advantages that has clearly revolutionised the apparel and fashion industry. Besides identifying customer preferences through combined data generated trends, they also give information on fast and slow moving attributes of best moving styles. Giving the right product mix with respect to best sellers and fresh design is a great feature however, even before a style reaches a conceptual stage, based upon changing consumer preferences and brand ethos the analytics can even validate the mechanism of design inspiration itself. Clearly the Style performance analytics is empowering and standardising the mechanism for spot on line plans leading to higher conversions and enhanced customer satisfaction.
Predictive Analytics is revolutionising the fashion industry and is helping all of us to take more empowered decision about choosing our own style. If you would like to know more about or start your journey in predictive analytics then give us a call at +91 95-55-219007or visit us (https://www.analytixlabs.co.in/contact-us) !