Fashion brands invest millions in consumer data to learn, anticipate, analyse and react. This is part-science, part-artform. These practices help brands identify opportunities before they introduce new fashion products into the market.
The importance of consumer insights for fashion brands
A global research company McKinsey says “Winner-Take-All Business,”
The profit flow in the fashion industry is only from 20% of those companies globally. Most brands barely break even.
Two significant verdicts based on the research says:
Top brands rely profoundly on data analytics, notably early in the creative process.
Industry leaders are quick to react, and release new products within eight weeks. This is vital if you want to react to consumer insights and trends.
To flourish in a global fashion mark, no wonder why Brands invest in reliable consumer insights and react to it quickly before the data is out of trend.
Understanding Fashion - Customer Choice
Understanding a Fashion cycle through customer choice is a mixed blessing for businesses. Buyers are actively looking for new brands to wear. They no longer walk into a store and ask a shop assistant for help. The research, read reviews and look for the perfect accessories to match their personality.
Having smart shoppers can be a good thing. If you know people are looking for certain things, you have a good chance of reaching them in their search.
But at the same time, brand loyalty is now less of a guarantee than ever. Amazon is seeing huge retail success on the back of private labels. Many consumers don’t even care that their purchases are branded at all. As long as something looks the way they want, they’re happy.
And buyers’ options feel endless. They can have goods shipped from virtually anywhere, whenever they want them. The fashion world is at their fingertips.
So for brands, the only real solution is to take two steps:
Identify what consumers are looking for; and
Figure out how to offer products that suit them now.
You need to adapt products to suit current trends. You also need to change to match the way that people buy - better in-store experiences, simple online shopping, and reaching buyers through social media as they’re considering a purchase.
Your ability to find consumer insights will be vital.
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