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.
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