Retailers are using this source of information to tackle customer demands and needs. Forecasting is and will play an extremely important role in the future success of the retail business. This information has become important in order to tap customers who shop online that demand the latest trends of outfits. Retailers have been able to cut down costs by reducing traveling expenses, freelance such as photographers for photo-shooting, and reduce on time spent on data gathering from the internet.
WGSN generates data by relying on blogs, fashion websites, traveling to fashion cities and attending to world known catwalk events. This data mining process is currently helping companies such as WGSN grow. WGSN will launch a retail analytics tool that will help with comparison shopping. Retailers will be able to check upon competitors and gauge demand for similar products with the use of the analytic tool.
As it can be seen is a win-win situation for retailers, since they are going to be able to cut down costs by having an accurate forecast on trends. Customer satisfaction will be improved by offering customers the latest fashionable tendency and reliability.
"A satisfied customer is the best business strategy of all" - Michael LeBoeuf