Big Data is all about turning extremely large quantities of data into useful information. When companies aggregate data and analyse them effectively, patterns emerge, ideas are born, and fashion companies become trend setters. In an industry where the success of next season’s collection hinges on picking the right patterns, colours, fabrics, shapes and sizes, Big Data is a big deal. Fashion companies and retailers can leverage Big Data analytics to quickly understand which trends are gaining momentum and which ones are losing ground at any point in the product’s life cycle.
Big Data analytics is now being applied at every stage of the retail process – working out what the popular products will be by predicting trends, forecasting where the demand will be for those products, optimizing pricing for a competitive edge, identifying the customers likely to be interested in them and working out the best way to approach them, taking their money and finally working out what to sell them next.
The biggies of fashion industry share their views on how they are leveraging big data:-