The need for speed: Capturing today’s fashion consumer
The article below has salient points that are applicable to Consumer Packaged Goods suppliers, especially around how “many rely on a single source of insight, such as sell-through data or product rankings”, e.g. not taking advantage of additional data sources like observational data from field teams.
Excerpt: “Top performers are using data analytics and consumer insights to stay ahead of the pack.
Being on trend no longer guarantees sales and profitability in the fashion sector. In minutes, consumers can spot, own, and share a trend on social media, from any corner of the globe. As a result, hits can sell out rapidly, while misses do not move, even with heavy discounting.
The traditional product-development model is too slow. How do fashion brands outpace competitors? When we looked at differences between top and bottom performers, we found that top performers routinely use consumer insights very early in the product-design process and can have products ready for purchase in weeks, not months.
But established brands have great difficulty doing either well. This needs to change, as up-and-coming brands are breaking the rules and resetting consumer expectations.” McKinsey – Read more…