Fashion executives are continually faced with high-stakes decisions, since the fashion business, by its very nature, is susceptible to fads and trends.
So where does data analytics come into this?
In fashion, using data analytics allows companies to see business patterns they would otherwise miss. There are 4 main types of analytics1:
Descriptive: Which cardigans were the best sellers in Fall 2021?
Diagnostic: Is GenZ really purchasing sustainable fashion?
Predictive: Will neutral colors give way to bold hues in 2022?
Prescriptive: Should my brand do more collaborations with microinfluencers?
Data can help fashion business professionals make decisions, but if you’re one of those decision-makers, you also need to know how to ask the right questions.