Our fashion tech meetup this Thursday in NYC is all about “Big Sexy Data”–and as part of it, we’re asking each of our shrewd panelists about how they see fashion changing as a result of big data. Today, we hear from Doreen Bloch, CEO of the beauty tech startup Poshly.
She told us,
Data technologies are affecting the collection and analysis of information across diverse industries, and fashion is not an outsider to this phenomenon. Like healthcare, business services, and media, fashion is seeing new tools launch related to the data that is unique to this space. From using consumer and social media data to predict trends for product conception to Point-of-Sale data that empowers brand professionals with new sales information, data is changing the fashion industry’s way of doing business by providing industry decision-makers with more and better information than ever before.
In a lot of ways, the use of data in fashion is similar to what’s being collected and used in other industries. There’s wide variety of ways to use big data. Doreen adds,
There are inspiration websites to help brands know what trends to capitalize on, tools that help with faster market research so brands know which products to launch and how to best position them, and companies that assist with driving ROI from social media or in-store visits.
Fashion companies are understandably inundated with new ideas for tech collaborations and pitches from startups hoping to become new vendors. It can be tough today for fashion brands and retailers to know which technologies to pursue, and which ones will drive true competitive advantages. Despite the growing pains brought on by all the new technologies being pioneered, fashion consumers and brands will ultimately benefit from the increased insights and targeting that will be available over the coming years thanks to big data.
Big data comes with big choices. At our meetup, we’re going to take a look at how, exactly, fashion brands and startups can use big data to make smarter decisions every step of the way.
Third Wave Fashion has been your fashion tech think tank since 2011. We publish the first ever printed fashion tech magazine, Third Wave. Follow us on Twitter or subscribe to our newsletter to stay on top of the latest in fashion tech + wearables.