Top performers are using data analytics and consumer insights to stay ahead of the pack. WonderStore is able to capture in-Store data to fully understand real customers in the real-life.
I read an interesting article from McKinsley&Company on how fashion companies have to move faster to stay on the market.
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.
It means Fashion companies need to know better their consumers but not only using analytics from internet but also from the in-store user experience.
More than 90% of shopping happens in-Store. And fashion companies don't know anything about in-store user experience. Who is entering in the store? Males, females? How old they are? Is it the target they were expecting? How many people enter in the store because attracted by the shop windows? What is the identikit of their real in-store visitor?
Currently, fashion companies aren't able to answer some of these questions. What they have today is what they sold and sometimes they have some data from loyalty cards. Nothing else. Total darkness...
So, how a CEO can take strategic decisions without knowing its real customers or real potential customers?
They can use some data from surveys taken in some stores or reading some market analysis paper made by consulting companies. Nothing else.
Today technologies can be used by fashion companies starting collecting analytics from in-store visitors in a seamless way.
Computer vision and Artificial Intelligence with the power of the cloud computing is ready to be used to extract fundamental data from the visitors in the stores helping C-levels to take the right decisions.
According to McKinsey:
The next-generation model should be based on anticipating what the consumer wants. Powered by predictive analytics and artificial intelligence, this model would proceed from design to delivery in close to real time.
The next-generation model is available now. WonderStore.