They say the biggest dissatisfaction for the fashion industry is a sale; it means that a lot of money is being wasted. One company started with the goal of reducing sales, and thus reducing wasted capital. It has since become the world’s largest fashion database, servicing retailers, suppliers and designers, to give consumers exactly what they want from the fashion industry.
Some say that the fashion industry is the most intuition based, and unpredictable industry. Clothes become outdated with just a movie release or a new season. But now, with the help of big data, designers don’t have to wait until fashion week to see their customers’ reactions.
They call the data in this industry, Style Performance Analytics (SPA).The major players of the fashion world, such as Nordstrom, Prada, Bulgari, Diesel and Puma, are already using analytics to help them predict consumer preferences. Analysts provide designers with weekly and even daily reports to help them create the perfect design. They also use big data to help boost their sales, marketing and even social media presence.
Retailers are also finding data to be particularly useful. A company called Editd started with the goal to help those in the fashion industry deliver the right pieces, for the right prices, and at the right time. Editd is essentially the largest apparel data warehouse in the world, with a dataset of over 53 billion data points. These hundreds of terabytes of data are powered by 120 servers, and analyzed by in-house data scientists that provide retailers, suppliers and designers the insight they need to optimize their businesses. They provide retailers information on what their competitors are selling and at what price. It used to be they would have to set aside a week to browse the internet and manually search for this information.
The data even helps retailers classify their products. Based on the data, it classify itself by type of garment, style, sizes available, pattern, color, texture, brand and more. This makes it easier for consumers to search for a product, but it also helps retailers save a great deal of time.
There are also some relatively new players in the game that are basing their entire concept on big data and personalization. Stitch Fix, Stantt and ThreadMason are just a few. They collect data based on their customers; through surveys and unstructured data analysis, and even body scanners that tell them a person’s sizes, preferences, lifestyle and budget to send them their ideal outfits.