In an industry like fashion, where things go out of style just as quickly as they came in, data is extremely important. With the fashion industry being as unpredictable as it is, data can really help to show the trends in fashion as well as what customers like and dislike. With the internet and social media being used so frequently, fashion companies now are posting their exclusive lines on Facebook, Instagram, Twitter, Pinterest, before anyone else sees it. Then they use sentiment analytics from likes, shares, comments, re-tweets collected to understand the customer demands. As a fashion designer and a clothing company, it is difficult to be successful if you aren’t aware of the latest trends.
Julia Fowler, a fashion designer, struggled a lot with the lack of knowledge about the latest trends and she decided to do something to change this. She left her designer days behind and became co-founder of EDITD which helps fashion designers predict the latest fashion trends using big data. EDITD collects fashion trends and sales information from various different web platforms, social media, retail websites, designer runway reports, fashion blogs and then makes it available in real-time. The well known fashion brand Asos, increased their sales by 33% after they started using the data analysis services provided by EDITD. Julia Fowler said that “a product on sale/ discounted is the result of wrong decisions” but now that companies know the trends and their customer’s demands, sales willing increase and less will end up going on sale. The success of Asos is a great example as to how helpful this tool is to the fashion industry.
http://fortune.com/2014/09/22/fashion-industry-big-data-analytics/
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