There will be 40 zettabytes of data on the planet by 2020, a 14 percent jump from previous forecasts, according to a 2012 study from the International Data Corporation on the digital universe. That’s equal to 57 times the number of all the grains of sand on all the beaches on earth.
We, at Intelligence Node, process half a petabyte (10005 KB) of data every month. To put this into perspective every four months we process and analyze as much data as All data in All US academic research libraries.
In all this furore over data, we often may forget that, fundamentally, ‘big data’ is about making predictions. This is how big data earns the most brownie points when it comes to fashion.
Intelligence Node is instrumental in assisting the fashion industry, among others, with their big data needs. We believe that big data can and has revolutionized the fashion industry.
According to Intelligence Node, the world clothing and textile industry – encompassing clothing, textiles, footwear, and luxury goods – exceeded $2,000 trillion in 2010. The apparel, luxury goods and accessories portion of the market, which accounts for over 55% of the overall market, is expected to generate $3,180 billion in 2015, with a yearly growth rate in excess of 4%.
Till some time ago, predicting consumer demand for fashion has been the domain of self-styled ‘experts,’ focus groups and relatively unsophisticated models based on ‘small’ data. Collecting and then analysing actual preferences from potential customers was just too costly and hard to do. This has evolved with the realization that big data can positively change the world of fashion as we know it today.
As we collect and analyse far more data about people’s interactions, individual preferences will become much better known, more comprehensively and in greater detail than ever before. That provides valuable insights for the fashion industry, from what products might perform best, in general, down to what will likely sell well in which store locations, what products are successful when placed next to each other and how to optimise retail experiences.
Big data will be used to predict customer preferences. The numbers can help designers identify in which direction to go, where to push harder and how to excel in satisfying customers. The predictive insights of big data will enable brands to pick the most promising creative talent earlier and with a better success rate.
Marketing and advertising will become more efficient, too. For instance, advertisers today rarely know how well billboards are working, because we have little actual data about how many people look at these ads.
Looking at another aspect of the fashion world, numbers are becoming as valuable an ally as mentors or critics are to fashion designers. What happens after a fashion show or an event? How is success measured?
Why, with big data of course! Data helps designers in comprehending how, when and where to sell apparels. It also provides easy access to resources that are necessary for designers to be successful.
A very important data point is the online fashion portals and marketplaces like eBay, Jabong, Myntra, Flipkart, etc. These websites generate vast amounts of data that can be analysed every minute. The ultimate goal is to find out what is bought, seen, preferred, etc. With each click, people are creating separate data histories, especially for the fashion industry. This can be studied to predict the future of fashion.
Every aspect of the fashion business will eventually change, from what colour will be in next season to how to make clothing that fits different body types and how to optimise supply chains.
Intelligence Node offers unique services to fashion portals based in India and abroad, analysing and processing their data and creating opportunities for them.