There are a lot of use cases for the use of data in many diverse industries such as logistics, banking, insurance, and retail. But have you heard of the use of data in the fashion industry yet?
There’s a new wave of designers effectively using data in the fashion sector to create not only the ultimate customer experience, but the ultimate products based on preferences and tastes. For instance, several companies have been using data from clients based on surveys about their preferred items. In return the clients receive discounts and key information after signing up.
How exactly do they realise this interesting feat of data operation? Let's take a look at some use cases.
Using data to create better collections
The designers use smart data collected from the offerings and sales of previous collections. They use this to influence their choice of the right colours for their new collection. In this way, the designers consider both existing trends and the preferences of the customers.
Besides, your smart data can also help with setting the right price for their new collection. How much is your customer willing to pay for that item of clothing? Having insights into the willingness to spend allows the designers to get maximum profit from every garment.
Smart data is also very important to predict for product demands. A lot of fashion retailers can predict the items that will sell often based on the season. For instance, winter clothes will obviously have a big sales potential during the winter. However, for fluid and ad hoc events, data can help to improve AI predictions which can increase revenue.
Did you get inspired about the benefits of smart data?
My next blog article will be about the use of smart data for cosmetics.
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