We apologize for adulterating one of retail’s most famous principles. We simply want to highlight the role data plays in modern retailing’s quest for detail. Be it optimal pricing, store layout, supply chain, logistics or merchandise, there is no facet of retailing that is untouched by the benefits of data insights. A clear understanding of different customer profiles, their frequency of shopping & average money spent on each visit are considered as the cornerstones of retail success. The metamorphosis of retailing from brick-and-mortar to e-commerce has changed the dynamics of success in this space. Data-driven insights have been instrumental in that change.
The French have always made even the most mundane things appear artistic. From gastronomy to couture, the French are renowned for being, well haute! Also, being one of the most open minded nations out there helps with fashion does it not?
Maybe that is the reason; the Festival de Cannes gets more and more interesting year after year. The Lumière brothers are credited with making the first exhibited film (L’Arrivee Du Train or the Arrival of the Train). They were also the mentors of the Cannes Film Festival.
What is the one thing you would tell Mark Zuckerberg, Jeff Bezos or Larry Page & Sergey Brin if you are riding the same lift, together? You have less than 10 seconds to think, formulate words and speak up. What would you tell them, if you wanted them to hire you- on the spot, without a doubt?
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!
This iconic image from Breakfast at Tiffany’s has taken over the active imagination of people all over the world. It has, literally changed and broken many stereotypes about fashion.
Since we are a part of the fashion industry, at Intelligence Node, this image has three takeaways for us:
One, the lady herself!
Elegance is the Only Beauty that Never Fades.
Two- BLACK is always IN.
And Three- Sunglasses go with ANY look!
It is the last one we want to talk about today. Sunglasses.
Today accessorizing is all about choosing the correct thing to go with your dress or look. And ‘sunglasses’ are the ultimate accessory. Not just because they look cool. No. But because they are so expensive- they are sure to grab eyeballs, even the ones hiding behind them!
There’s a lot of sizzle in the sun-glass business, reports predict. Luxottica, the leading manufacturer and, in most cases, owner of fashion eye-wear (they also make and own prescription opticals) earned a revenue of 2.02 Billion Euros in the 2nd quarter of 2013 alone.
The profits and revenues are growing exponentially. And so is demand. It was not so long ago that glasses were considered ugly or geeky. And people did not wear them unless they had to. But this perception was subtly changed, by movie stars like Audrey Hepburn and Tom Cruise, among others.
The big fashion houses loved the trend too. And we had Versace, Prada, Ralph Lauren, etc., selling branded sunglasses. Today these sunglasses are mostly in the ‘premium’ range. Any branded and authentic pair of sunglasses costs anywhere upwards of 1000 Rupees.
In spite of the many debates going on about how and why quality eye-wear is so expensive, people are not deterred. They are happy to pay 6000 Rupees. for a ‘branded’ pair of sunglasses. There is a parallel market selling cheaper versions of the sunglasses, on the streets especially. And these make a good profit too. But that does not stop the originals from reaching high profit margins in any way.
This year, the various fashion weeks too used eye-wear to give their various collections a special zing. Fashion makers know that sunglasses are like the one accessory that determines a time or a place that a look was conceived in.
At Intelligence Node, we think that glares were, are and always will be cool.
As Posh Spice, Victoria Beckham wowed the crowds with this, ‘not too normal for her,’ ensemble, while marketing her own line of branded sunglasses.
But, and this is our main concern, when it comes to e-commerce, and selling or buying sunglasses on-line, there is one big question that comes to mind- what shape or style will suit my face? As a retailer selling sunglasses, reaching perfection when it comes to individual sales is a big challenge.
When it comes to eTail, especially for websites selling a variety of apparel and accessories, betting on ‘the sunnies’ is a risky proposition. These are products that have a higher margin; and so may remain on the shelves longer. And trends don’t really affect the sunglasses. Sun-glass styles keep rotating from time to time.
Knowing all this, how to ensure that your customers buy sunglasses- repeatedly? How to ensure that your prices are not turning away customers? How to decide which brands to capitalize on? These are the questions that most etailers have to bet on.
We say, why bet- when you can be sure? You have a lot of info at your disposal; why not use it to understand the current climate and accordingly adjust your prices, processes, etc. Providing a virtual environment that complements the various face shapes and also fits specific budgets is not impossible any more. Your insights will give you the answers that you need.
At Intelligence Node we believe that when it comes to sunglasses- the two “P”s are perfectly applicable- ‘premium’ and ‘personalized.’ Utilizing the resources one has, and not digging for things that may or may not exist, is the way to success we think. And you dear retailers have been doing just that for ages. This is why we love working with you!
The ephemeral global apparel business is a challenge to stay in and adapt to. The size of the global apparel business is growing exponentially and is expected to generate double digit growth between now and 2020, much of it coming from developing markets.
In a world so saturated with choices, retailers and manufacturers are having to change their ideas about fashion with the speed of light, or perish!
As a Data Analytics Lab, specializing in retail, with a deep and intuitive understanding of the apparel- retail industry, we at IntelligenceNODE have been studying consumers of fashion for quite some time. And our observations have been very interesting, especially from a retailer’s perspective.
We discovered 3 main types of fashion consumers:
Mobile is becoming the integrated platform to get almost everything done today. And retailers are very aware of this fact. A lot of know- how, reports and miscellaneous facts exist online and offline about mobile platforms.
This knowledge is now becoming a healthy return on investment for many businesses. Consumers are now using mobile devices to shop, exchange ideas and create personal histories. Ecommerce websites and etailers are cashing in on this deluge.
It is not just a passing fad though; it is a way of life. According to forecasts, worldwide business-to-consumer e-commerce spending increased by 20 percent in 2014, reaching $1.5 trillion in sales. Ecommerce has clearly outpaced many other industries today. It has in fact become a medium for most industries to increase their customer base.
Mobile commerce is, for most intents and purposes, user centric. It focuses on the consumer. Everything from aesthetics to ease of use that you might wish for, as the consumer you get it! In fact, after taking years to build an online presence, retailers are only now beginning to cash in on all that hard work.
You wish to buy new boots; you have been looking for a good design sometime now. You trawl various online marketplaces, looking for options, prices and ideas. You select a few popular brands; add them to your wish list on many of your favorite websites. You narrow down you list to three possible choices.
Now you are sure that you will buy one of the three pairs this weekend. Why weekend? Because that is when you can go to the mall of course! You can go to your favorite shop, try out a few other pairs just for fun, and finally get that coveted pair of boots too! And the trip to the mall means checking out all the new stuff, in person and even splurging a little more than you initially intended. All in all, a good day, then.
If you have done this, you will be pleased to know, you are not alone. There are many who check out products online, but end up buying at brick and mortar stores. The marketers have a new buzz word for what you are doing. They call it ‘webrooming.’
Today retailers have many strategies to attract the highly intelligent customer. Customers of goods and services are becoming more and more aware. Their knowledge of different competitors leads them to buying the best product at the lowest rate possible.
The fact that customers are aware, though, does not deter marketers from selling their products in new ways. Aiding this quest for novel ways to maximise the shopping experience is Big Data. Big data is the term for a collection of data sets so large and complex that it becomes difficult to process using on-hand database management tools or traditional data processing applications. The challenges include capture, curation, storage, search, sharing, transfer, analysis, and visualization. Everything about Big Data is rather large. The promise that big data holds is many fold.
Big data is large and complex and rather daunting if not utilized correctly. Organizations have spent millions of dollars analysing and compartmentalising big data. Big data has aided research in many scientific pursuits. The Large Hadron Collider experiments represent about 150 million sensors delivering data 40 million times per second.
Today we live in a world where choices abound. The ability to choose is important. As Albus Dumbledore says in one of the Harry Potter books, and I quote, “It is our choices, Harry, that show what we truly are, far more than our abilities.”
Choices abound today. In every aspect of life, we have a choice. From buying products to making important milestones in life like marriage and childbirth, we have the privilege of decision making. But is it really our choice?
Individualism is a weapon of the 21st century. The fact that each and every person is different from the other is a trademark of the Age of Aquarius. But current trends show that this individualism is on the decline. Instead of making choices based on facts, we are being influenced by various sources to choose in a particular manner.