At Coeo, we find fashion retail is one of the most fast-moving and innovative industries we work with. Despite the diverse size and style of businesses in this sector, we have found that success is driven from some common ways of working - all of which recognise the value of data as a key business asset.
We conducted a series of in depth interviews with experienced experts and influencers to create a whitepaper showcasing the ways successful retailers build a data culture, moving from creating a successful infrastructure to building omnichannel capability. Our contributors came from across the sector, including high-volume high street, online flash retailers and high-end luxury goods, and although very different, we found seven key themes that are helping them all create success:
- Know your customer: Retailers without a good handle on data are most at risk
- A cultural shift: Data is now a board level issue
- What is a retailer?: Disintermediation is having a significant effect on fashion retail
- The bottom line never goes out of style: Any investment in platform or AI must stand up to scrutiny
- The finishing touches: Retailers are incorporating external data for a wider picture
- Omnichannel takes time: The more channels you have, the longer it takes
- A tailored approach: ERP systems are rarely ready to wear
The paper also shares several Coeo case files, giving details about the ways data platform modernisation, artificial intelligence, advanced analytics and automated reporting have led to real increases in profit in this highly competitive sector. From using local weather date to make stock decisions store-by-store, to spotting counterfeiting through applying basket analysis, these examples give insight into how data mastery can transform your business. These technologies present huge opportunities for innovation and differentiation, but we also understand that in the real world, every investment decision needs to stand up to scrutiny in the context of the bottom line.
To see the detail of these seven transformative retail trends, and understand how these can be implemented, download 'Data is the new black' today: