In times of old- all fashion was custom. Apparel had to be designed or sewn by hand. It was only when social disparities started blurring that businesses started selling mass produced apparel; and people started buying it.
The industrial revolution brought standardization to the apparel markets. From gathering raw materials to creating standard fits- the industry has scaled new highs every year. The global fashion industry revenue, circa February 2015, has gone up to USD 1.2 trillion.
With such phenomenal growth, and disruptive technologies sprouting up to augment it even further, it is no wonder that the fashion industry stands as a statement of the society it thrives in. At IntelligenceNODE, we are associated with many apparel etailers who take their work to the next level with intelligent insights and innovative ideas.
E tail is no longer about being a formidable online presence; now it is about innovation, reinventing and rediscovering favorites that rule the hearts of people. And as they say, with changing times, one has to adapt, or perish.
In this highly competitive market therefore, we are excited to see the famous online fashion retail portal Myntra shutting its website and going mobile. What a great way to be progressive! Myntra is on course to complete Rs 2,000 crore in sales or gross merchandise value (GMV) for the current financial year. And then, go mobile!
Mobile is undoubtedly the way to go- not because of Myntra doing it; but because it is the future. Most ads today are video based. Because a mobile phone lends itself well to video watching, non? This is proven through a study conducted by global mobile video advertising firm Vdopia, according to which mobile audiences are twice likely to click entertainment ads and 45% more likely to remember them. Plus, all the new connected devices being created are also mobile. Convergence is not just a theoretical concept anymore, it is reality.
At IntelligenceNODE, we believe that all this intelligent technology is a source of information about the world and it’s ways. And information is always a source of creativity and abundance. Especially in etail. With an aim to expanding basket sizes and increasing consumer loyalty.
The great thing about all this data is that it gives direction. Making decisions- simple ones like which colors to display on your app- and huge ones like what should your next ad campaign focus on- all be come easy with the right data at your fingertips.
The creative world today is filled with people who make and create great stuff. And you as a retailer, need to have creative insights to develop your brand, give a personality to your product, etc. The challenge though lies in comprehending the current climate and correlating with the consumer.
It’s about bringing structured, analytical thinking to the creative work and using quantifiable analytics to identify which emotional ideas resonate the best.
There was a time when manufacturers made things and people bought what suited them the best. This is the case no more. Now consumers are taking back control. They are no longer happy to be defined by simple mass production. Now they ask for what they want. They have transformed into what is called ‘prosumers.’
In a world where expenditure is increasing alongside inflation, and shoppers are hyper aware of what they want; the onus of excellence rests in the hands of the retailer. Experience may define people’s perception of you; but without innovation and invigoration, sales and net value will end up being flat. It becomes quite a task for an organization, at all levels, to stay tuned to popular frequencies.
In this environment, it is vital to be aware. To have savoir-faire and sang-froid at the same time is a step towards brilliance. And at each level of any organization, decisions have to be made. This task can be made easier with pre- knowledge.
And you are privileged to be a part of this time, when pre- knowledge is not divination, but an almost exact, developing science. The great hoard of data available to you is unmatched- and still being discovered; which means you can fine tune your systems or connect with the right people, and the results will benefit you- long term.
To just put things into perspective, we know everyone plays or has played Candy Crush. Everyone. And King Digital Entertainment, responsible for creating this game that broke the internet, credits its 60+ data scientists. They analyze player data- every inch of data they can find and relate to brain waves- intuitively understanding gamers. And the rest is history.
Do you want to be the first one to know when the fringe is in and when the greens are out? Do you want to be the first one to know when a well known brand merges with a larger brand? Do you want to be the first to know when a manufacturer presents a brand extension? Do you want to be the first to know when the government charges more tax on a particular item?
Because all of these have the ability to affect your work and your business dear retailer. The challenge today is not going mobile. With dedication, anyone can do the same. The challenge is to stay there and get a healthy ROI. To constantly engage and create. To think with the right brain and the left brain at once.
And we are glad to walk the road to success and stay there with you. Because today- no one is alone at the top. We all stand together!