For long, the applications of big data analytics in various industries such as healthcare, finance, marketing, and telecom have been the talk of the town. Interestingly, the use cases of big data are not limited to these sectors alone. This advanced technology is slowly spreading its wings in the fashion industry. With a large number of designers and latest technologies becoming prevalent in this niche market, the fashion industry is not all about playing the ‘dress-up’ game anymore. Big data has given countless businesses a substantial competitive advantage by redefining the quality of data available and the speed at which they can respond to market conditions. And the icing on the cake? Profits have soared consequently. Though the fashion industry has lagged behind when it comes to embracing this technology, the stakeholders in the fashion industry have realized that data analytics can work wonders for them. Here are five ways big data analytics will be a game changer in fashion:
The trends in the fashion industry change faster than you can change your clothes. What was trending yesterday could become outdated by the next fortnight. In such a dynamic market, monitoring the changes using traditional methods often prove to be ineffective. Using big data analytics, fashion industry players can easily understand the market changes using techniques such as sentiment analysis on social media and know their target audience. What more? Data analytics can analyze the impact different seasonal trends have on the buying behavior. This will help retailers in the fashion industry to make the right merchandising decisions in future.
Identify target markets
It is a stated fact that culture influences fashion and trends to a large extent. For instance, a fashion trend that is ‘hot’ in the USA might be considered too revealing for middle-eastern countries. However, the same designs can be widely accepted in countries like Spain. Big data helps you analyze the preferences of people across the globe and provide insights into the changes in mindset with culture. With this, fashion industry retailers can target a wider audience for their designs; thus, bringing more potential for outreach and revenue.