Clothing & Footwear
Fashion industry players benefit hugely from data analytics by it being able to manage inventories and also target customers effectively.
The fashion industry is very delicate because there is always a new style trending, and so, the industry players always need to catch up. Fashion brands find themselves always dealing with understock and oversupply, unappealing goods, marketing and brand strategies that no longer appeal to evolving customers’ preferences.
In the fashion world today, one cannot accurately forecast demand of products before the season because of trends. Fashion industry is one of the few industries with products having short lifespan. One cannot accurately guess the duration of a trendy product. Even if you get it right with your predictions, that is just half the battle; you also need to get the right colours and sizes to each location of your store at the right time.
Aside changing seasonalities and trends, the spread of sizes, colours, and styles, is also more problematic for fashion and apparel businesses.
How we help
Inventory management. For every single style, colour, and size, inventory management offers recommendations for the ideal distribution. As a result, our clients are left with minimal inventory owning to sizing issues.
We proactively take into consideration a variety of demand-influencing elements, including short life cycles, dynamic seasonality, vendor lead times, and many more.
By using predictive analytics, we are able to forecast demand for our fashion brands. We always get a near accurate prediction of the demand of stock at each store of our client. This helps them minimize storage costs by not having dead stock and also, aside that, they are able to fill their storage with only products that sell.
Increase sales by reducing markdowns. Our clients always know when to send each product to the different locations of their brand in order to reduce markdowns, which further increases sales.
We leverage real time demand for our clients to decide where to send what, or even be able to transfer stocks from one location to another to reduce the number of products that get marked-down.
Effective marketing campaigns and promotions. We employ data analytics to help our clients target the right people when advertising. We analyse purchasing behaviour of customers for our clients to be able to send personalised emails with product recommendations to appeal to these customers. This approach normally renders marketing campaigns and promotional deals of clients successful.
Look at it this way, imagine you love suits, and you always get them from your favourite brand. Will you not be enticed to buy a new suit when you see one in your preferred style and colour, in your email, with a direct link to the purchase? Think about this versus you not seeing any product recommendation in your email. When brands nail product recommendations, it results in increase sales by a huge margin. This is how Shein surpassed the retail giant, Amazon, on the number of downloads in the 1st quarter of 2022(Apptopia).
Accurate production. We take advantage of advanced analytics to better understand consumer demand to be able to produce the appropriate items in the right amount. This helps our clients lower inventory levels and boost the effectiveness of production.
Improved customer services. With the growing demands of customers today, providing an individualized customer care service is the way to win the market.
This can be done by understanding the demands and expectations of customers through advanced analytics. Brands usually gain loyal customers when they provide personalised customer services.
Analysing trends and patterns. We leverage sentiment analysis on social media to quickly analyse market trends for our clients to stay ahead of the market.
Improved Product recommendations. We leverage cross-selling and up-selling to increase sales for our clients. This is done by proposing clothing items that will probably entice customers based on their online shopping patterns. Providing recommendations to customers is known to increase sales by a large share.
Product recommendation increased the retail behemoth, Amazon’s sales by 35%. Also, recommending suitable products in a personalized email to customers helps our clients greatly increase sales and turn a periodic customer into a frequent one.