CHANGING THE FACE OF FASHION RETAIL INNOVATIVE MARKETING TRENDS FOR 2018

The fashion retail industry is vast, varied, and constantly changing. What is new and modish today might become old-fashioned and outdated tomorrow. Hence it is important for all retailers to follow the most recent marketing trends in fashion. To abide by the changing tastes and needs of the consumers, most fashion retailers and fashion companies have understood the need for adopting marketing trends that are insights-driven. This helps retailers make data-based decisions, curate search data, and gain maximum profits – all in real time. The secret? Analytics Solutions!    

So how do we fill the gap between customer needs and competition-advantage? We build a ramp-walk. Here are few disruptive fashion retail marketing trends that are the fashion industry a facelift.

Shopping on Social Media platforms:

Social media, being the most happening medium of communication, lay a major influence on the fashion industry. Almost all the big and famous brands are now creating and developing social media links that will connect the consumers with their retail websites. Even social media stars are made a part business communication strategy to garner attention. Eventually, the increase in revenue.

Help from machines: 

Retailers are banking of AI technology to make more informed decisions. Almost 45% of the retailers have adopted AI technology – a game changes in their business curve. AI technology helps analyse data and record online sales in a database. This smart data then influences the end customer in making a purchase decision. What products are trending at the moment? AI has the answer. 

Exhibit to sell: 

Several retailers have embraced the idea of stepping out of the conventional shop and holding exhibitions. Holding exhibitions allows the retailers to display a few of their products around a theme, that entices the consumers to check out other products that are available in the shops as well. Fashion Retail Marketing Analytics Solutions allow retailers to curate that theme which connects seamlessly with the customer. 

So far in 2018, the above marketing trends are helping fashion retailers gather customer insights that delight and engage. Wish to seize business moments with real-time insights? 

Then Manthan is your go-to little black dress.

2018 RETAIL ANALYTICS SOLUTION IN FASHION

The retail segment is booming at a rapid pace. This means two things: Lots of choices for consumers and stiff competition for retail companies. In a volatile market, how do you leverage customer engagement with your product and influence buying behaviour? Fashion retail analytic solutions seem to be the answer right now. E-commerce fashion companies are clocking into the power of AI to recognize what customers demand and to meet it as quickly as possible. As a business intelligence and analytics company Manthan provides retail companies with a unique AI-driven platform to boost their business. Here are some effective solutions for fashion analytics.

     A company’s data is leveraged through Manthan’s AI-system for predictive analysis. Data which consists of the past and present buying behaviour of consumers is collated and analysed. Based on this data, you can generate predictive insights of what the customer will demand next. Following this fashion analytics code, retail companies can stay one step ahead of their competition by stocking on merchandise which will be in demand.

    Through this centralized system, retail companies can make fast buying decisions, and also have an online management of inventory and pricing of the commodities. Pricing strategies can be aligned according to supply and demand behaviour and current market pricing trends. Once decisions regarding sales and pricing have been put in place, they can be effectively worked upon to lead to much better sales in the future. For example, based on fashion analytics results, a company can look at what works at which price. Did a certain product have better sales because of its pricing strategy? Did a product not generate enough sales because of its high price tag? These are patterns of customer buying behaviour that can be analysed to impact revenue growth.

     Using the power of AI can impact the marketing management strategies of a company for the better. AI is also one form of advertising solution for your company. Your company can detect what works and what doesn’t depending on intuitive supply chain intelligence and customer behaviour. AI is the ideal fashion analytics tool which can help you augment sales and boost your company’s visibility. The quantitative and qualitative analysis is provided and business decisions based on this can be etched out by the company. These days, lots of companies have latched on to the power of AI-driven technology to boost their brands. If you haven’t then what are you waiting for? At Manthan, our goal is to make sure that brands can leverage customer engagement which can then lead to skyrocketing sales. Get in touch with us to see what the next step can be for your business’s growth. 

WHY CUSTOMER DATA PLATFORM IS A GAME CHANGER IN THE FASHION INDUSTRY

With a lot of options available at their fingertips, consumers of the fashion industry are becoming more and more demanding with each passing day.  If you are not capable of meeting their never-ending demands, it won’t take much time for them to move on to another brand that’ll meet their needs and requirements. In simple words, brands have to pay more attention to the experience they are providing to their customers, to retain them. Because of the same reason, customer data platforms have been increasingly becoming popular in the fashion industry.

Data are generally collected from digital and traditional sources inside and outside the company. This is then identified and used as a source for ongoing analysis and discovery. Smart fashion brands have been using this for decades to understand the market, gain an advantage over their competitors, and increase their sales. Want to know more about the importanceof customer data platforms in the fashion industry? Here are few. Read on.

Identify markets

     Customer Data Platforms can help you to analyze the preferences of the people across the globe. It gives you a better insight into the changes in the mindset of your targeted audience, their culture, and lifestyle, thus helping you to identify the right market for your product. It also gives sufficient information to identify your competitors and their strengths and weaknesses.

      Personalized Marketing

Customer’s personal data is now out in the open like never before. The ability of firms to mine bits of actionable business intelligence from such a pool of information has also increased over the years. Browsing history, social conversations, purchase data, and spending trends are all lying in the data lakes waiting to be discovered. If used rightly, these can reveal a lot about your customer’s taste, style of shopping and needs. You can now identify what they are buying, when they are buying and how thus personalizing your marketing.

Increased customer loyalty

In today’s fast progressing world, where your competitors are just a click away, customer loyalty is the new marketing. When they feel taken care of and understood, they are more inclined to buy from you again and again. Especially in fashion and retail, customers place a priority on receiving great service. A customer data platform allows marketers to segment the customer data at deep levels. This means the marketer can offer the most granular and personalized experience to their customers without having to continuously try and make customers fit into their programmed molds. Also, access to the full record of the customer can contribute to customer loyalty.

Data science is undoubtedly a game changer in today’s fashion marketing. The importance of having the right Customer Data Platform in place has become very significant for retailers. Manthan’s Customer 360 is a Customer Data Platform that houses analytical and data science capabilities including look-alike predictions, data explorations, segmentation, and micro-segmentation. To learn more, clickhere>>>