How is the Fashion Industry Using Big Data Analytics?

1. How is the Fashion Industry Using Big Data Analytics? The fashion industry is worth over $2.4 trillion today and is growing annually at a rate of 5.5% to 7% and big data is impacting different aspects of the industry from design to resale. It is also transforming the way designers produce and market their outfits. The use of big data in fashion is aiding them identify customer preferences and helping them market their products better. By using big data analytics such as market basket analysis, it is easy to evaluate the products that customers are likely to purchase. This method uses historical purchase data to identify the products that go well with each other. Using big data, it is easy to organize your store both offline and online and send effective messages. With big data, you can upscale revenues and cross-sell more efficiently. Here are the ways fashion designers are using big data analytics to create and market their products: ●Understand design and taste popularity: The minute analysis of how customers behave will lead to a logical approach to anticipate and capitalize on trends. The industry can implement big data to see trends at a minute level and find out who is purchasing what, and why. Equipped with this information, fashion labels can put more effort into products having more potential. ●Personalized marketing campaigns: Like most marketing campaigns, personalization is key, especially in the fashion industry. When you gear your marketing efforts towards precise customer segments via product promotions, targeted copy, and special offers it will lead to better consumer engagementandincreased sales. With big data, you will be able to capture, record, and measure a range of shopper behaviors that will help you recognize not just who a customer is, but what a customer is like. ●Convert runway fashion to retail offerings: The outfits that are showcased at fashion shows are not often seen by customers in their traditional form. The outfits that you see in fashion shows help launch the brand publicly, but such outfits are altered before sending them to stores. Big data helps designers understand which outfits will be most popular when they are sent to retail stores worldwide. ●Segment customers and understand how they engage with brands: Businesses today segment their customers based on their location, ethnicity, gender, age, and so on. With big data, you will be able to analyze customer behavior on a variety of factors. You can gauge customer engagement by using social media sentiment, use purchasing times to see when people are likely to purchase, and test touchpoints to find out how they engage with a brand. ●Uncover new product categories: With big data analytics you will get a better understanding of the products that you can sell successfully, and the products that you must avoid. Relying on consumer mass appeal can make or break you. There are several ways a fashion house can increase its offerings, and the information you gather will help you be competitive. You must release products that are likely to sell, based on the data you have collected.

2. ●Understand how to choose between women’s and men’s clothing: Selecting between women's and men's clothing is key for all designers. With big data, they will get to know when customers make purchases, how big their purchases are, and the number of items sold. You can use this data to determine the lines that are required urgently for the success of your business. Choosing between a women's and men's clothing line could very well define whether your business is a success or failure. In the end, the fashion industry, like most other industries, has been facing the likelihood of artificial intelligence and machine learning replacing human designers. And even if AI bots have not yet taken someone like Giorgio Armani’s place, there are technologies such as IBMs Cognitive Prints that are already assisting designers with their novel ideas.