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.
But what gives this festival it’s je ne sais quoi is the people who attend. People of all nationalities, speaking various languages. Their purpose- bonding through film and media! This year too, the festival has attracted the best and the brightest! Literally!
At IntelligenceNODE, we make it a point to follow trends and understand their repercussions in the markets all over the world. And Cannes itself is a huge hotbed of new trends and ideas.
And no we are not talking about the beauty or the laissez faire attitude. We are talking about celebrity fashions, on screen fashions, etc that influence minds all over the world. Winning a Palme d’or in fact, is more acclaimed than winning an Oscar or any other award for many.
When we say trends- we talk about moments like this- when after the Star Wars III screening, George Lucas and a cleanly shaven Natalie Portman goof around at the 58th Cannes Film Festival in 2005.
This year it seems, pastels and neutrals are reining the Red Carpet- along with diamonds. These ladies and gents inspire men and women to look more beautiful themselves. In fact, it seems that trends are already formed. Like this focus on the green colour- thanks to Lupita Nyong’o.
Solidifying trends that are a part of festivals like Cannes is one of the oldest tricks in the book as far as retailers are concerned. The question though, is how to streamline trends and make the larger than life affordable to people geographically and physically on different continents?
Retailers have to take a popular trend, scale it down and sell it to the masses. Not an easy task by any means. Decision making is the most difficult aspect of this whole exchange. Yes, trends are seen on the streets in a few hours after they wow on the Red Carpet. But the transition rests with retailers, as we know so well.
Many a retailer, wishing to have global fashions as a part of their catalogue, asks questions that matter while up scaling. Most of these revolve around merchandising and profits.
How do I make a trend into a solid product offering? Who should be my target consumer? Should my pricing depend on the “trend” only or the product itself? How do I optimize the availability of similar raw materials or vendors and artists in the markets of my choice? And the greatest of all- how do I receive solid returns on my investments?
There are many ways to answer these questions. And many ways to make sure that your product manages to capture the current trend as well as the target audience. One of the most intelligent ways to do this is using your own insights and data to effect results, dear retailer.
Retail Profit Optimization sounds like a clinical process. Rest assured, it isn’t. With the ability to understand your own data and derive answers from it, you dear retailer, can get the most profit out of any trend.
All you need to do is utilize a little time and a little analytical insight. Making decisions and answering questions is very easy once you know exactly what your next step should be. And this step is not based on some random happenings predicted by ‘experts.’ It is actually a curated decision you take, which is completely customized to your requirements and changes with you as you grow dear retailer.
Data can tell you if a trend will translate into returns. And what you have to do to make sure that your catalogue, merchandise, pricing, etc is streamlined and leveraged according to the needs of your consumers.
It is great to note that Indian Etailer Myntra went ahead and utilized insights to build their now mobile only e-commerce platform which is designed to create not just a great product, but a community around it.
At IntelligenceNODE, it our humble effort to aid you in your endeavour to create world class experiences dear retailer!