Technology has enriched the overall customer experience. As a result, today’s leading fashion houses are looking at several ways to utilize emerging analytical technologies in fashion retail today.
Let’s look at some of the ways this is happening today.
Digital marketing analytics expenses increased by 60% in 2015 as branding and advertising businesses boomed. Social media and online advertising on mobile will continue to grow as the integration of the offline and online customer experience is on the rise. This, in turn, has increased consumer brands’ ability to digitally influence customers and digitally empowered customers’ ability to influence brand image and value.
Owing to advancements in technology combined with the avalanche of data available today, enterprises across industries are leveraging inexpensive technologies such as Hadoop to analyze huge amounts of customer data, understand patterns and subsequently personalize their offers to their customers. This, in turn, helps them out-think and out-do the competition. “More data storytelling equals more engagement”.
A leading Indian retailer boosted category growth by 50% with tailored campaigns based on affinity analysis, cross promotion between categories like kids, baby world, and toys.
Strategic customer segmentation enabled the business to drive a consistent marketing strategy across all concepts. Customer acquisition, retention campaigns, and maximization strategies enabled an increase in customer engagement and loyalty. By understanding customer attitudes, their purchase behavior, and identifying fashion trends, they make smarter marketing decisions.
Sales in select categories grew by 92% with targeted retail campaigns, using models like Market Basket Analysis, K-Means, Churn, and Propensity.