For these past two years, we have all heard the term supply chain more than ever. Those two words have curated an overwhelming feeling that has provoked a daunting outlook for the people in the fashion industry.
Fashion is a beast of its own with constantly changing trends, diverse business models, and more companies establishing, making it a highly competitive field.
Through an AI-powered solution of competitive benchmarking wouldn’t you want your company to stay ahead of competitors, remain relevant, save time and money, and reduce waste? The answer is ~yes~. Think about how easy it would be to discover all of the holes in the industry that are not meeting consumer demands. You can incorporate these insights into the planning of your next collection, creating new opportunities in areas that are missing in the market.
Analyze and cross-compare data
Competitor’s aside, imagine cross-comparing your data from the previous year which allows you to analyze what worked and didn’t work. Overall, saving you time and money while catering to your target market’s needs. Exploring what types of fabrics to use, what your best sellers were, or even the type of models photographed with your product can aid your next collection to be successful and to help generate less waste from pieces that people aren’t even interested in.
Avoiding overproduction, overstock, and underselling
Let’s address an issue faced by most businesses in the fashion industry, which is the lack of sustainability. A common problem is when retailers overproduce, and overstock, which leads to underselling.
This causes an extremely problematic domino effect by throwing out tons of garments, causing an unsustainable planet, not to mention flushing away hundreds of thousands of dollars and wasting hours.
Through an AI-powered solution wouldn’t you want your company to be able to monitor competitors' discounting periods and reveal hidden product price declines? Once again, the answer is ~yes~.
Orchestrating a smarter markdown approach can save us from tossing more garments into the landfills, as we can all agree we definitely don’t need more of.
Also, monitoring your competitors’ data on how they are selling their products can help you take advantage of types and amounts of pieces created for your product collection to be successful and to reduce waste. Not to mention, staying ahead of all the changes that occur so rapidly in the industry’s climate will help increase revenue. And who wouldn’t want that?
The solution we’ve been looking for
Imagine an easy to navigate customizable dashboard that gives you access to detailed insights on competitors’ recent collections, pricing, and discounts. Through accurate, real-time data, all this information can be stored in a cloud that will help optimize development from start to finish and provide a global go-to-market strategy all through an AI-powered solution.
This solution would alleviate pressure by providing insight into your company's competition and to help construct a plan for a profitable go-to-market strategy. It’s important for your business to not only stay ahead of competitors but to also produce garments that won’t be underselling. You could see what your competitors are producing, how they are selling all of their products, and help them remain proactive to all the constant changes that occur in the industry’s climate.
Brands like yours don’t have to dig for the latest insights on what to produce and for how much, helping make smarter decisions, continually make profits, and scaling back over-production which increases sustainability.