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.
"…the key skills for data scientists are….the abilities to learn on the fly and to communicate well in order to answer business questions, explaining complex results to nontechnical stakeholders.” 2Hugo Bowne-Anderson in the Harvard Business Review
Data analytics can’t solve everything. While data can facilitate decision making and algorithms can automate tasks, human beings still need to be involved in formulating the right questions and using the data in a form of storytelling, using data visualizations and breaking down technical information into a readily comprehensible form.
The trend towards using data in the fashion industry is only going to intensify. According to the BoF, the fashion industry will need professionals who understand data, the customer experience, and supply chain management.3
LIM College’s Master of Science in Consumer Analytics program is unique in that it provides a basic understanding of the data science of customers, and focuses on strategy, organizational context, and effective communication of complex information.
If you’re interested in advancing your career in the fashion business – and looking for a STEM program that offers a more of a managerial perspective than a computer science one – the MS in Consumer Analytics could be the right fit for you.
The MS in Consumer Analytics is one-year, 30-credit master’s degree program that can be completed on our New York City campus, completely online, or a combination of both.
1. “4 Types of Data Analytics to Improve Decision-Making.” Business Insights - Blog, Harvard Business School Online, 19 Oct. 2021, https://online.hbs.edu/blog/post/types-of-data-analysis
2. Bowne-Anderson, Hugo. “What Data Scientists Really Do, According to 35 Data Scientists.” Harvard Business Review, 18 Sept. 2018, https://hbr.org/2018/08/what-data-scientists-really-do-according-to-35-data-scientists.
3. Hays, Constance L. “Variable-Price Coke Machine Being Tested.” The New York Times, The New York Times, 28 Oct. 1999, https://www.nytimes.com/1999/10/28/business/variable-price-coke-machine-being-tested.html.