A new whitepaper from UK based analytics and data management firm Coeo outlines why fashion retailers are benefitting from data mastery. It goes on to outline seven key themes that are essential to achieving success in the industry.
Fashion retail is one of the fastest-moving industries due to its diverse size and style of businesses. According to Coeo, that success is driven from some common ways of working – all of which recognise the value of data as a key business asset.
Coeo’s whitepaper brings together the results of a series of in-depth interviews with experienced experts and influencers to showcase the ways successful retailers build a data culture, moving from creating a successful infrastructure to building omnichannel capability. The contributors came from across the sector, including high-volume high street, online flash retailers and high-end luxury goods. Despite being very different, Coeo found seven key themes that are helping businesses in all areas of the fashion industry 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 artificial intelligence (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, AI, advanced analytics and automated reporting have led to real increases in profit in this highly competitive sector.
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