Monday, September 23, 2013

Fashion trend forecasting, the new big thing in fashion

Imagine as a fashion retailer having access to a large set of data that forecast fashion trends, colors, fabrics and cuts in order to determine what is going to be produce next and displayed on the catwalks. This looks like something extremely futuristic, but for our surprise, retailers are currently taking advantage of this data mining technology. Retailers are  paying a fee that ranges between seven and fifteen thousand dollars to get access this technology. This technology is being developed by companies such as Worth Global Style Network (WGSN). WGSN is based on the UK and according to its CEO, Julie Harris, fashion forecasting have seen double digit growth in the last couple of years and for 2013 it is expected to grow even more.

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

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