Amazon, EasySize, Evo Pricing and Lectra explored diverse uses for customer data during a round table event organized by the ESCP Europe - Lectra ‘Fashion & Technology’ Chair in Paris. Lectra, the world leader in integrated technology solutions dedicated to industries using fabrics, leather, technical textiles and composite materials, the French business school ESCP Europe and their joint ‘Fashion & Technology’ Chair examined the multiple ways the fashion industry’s ecosystem can use customer data, during a recent round table event at the start of the fifth Fashion Tech Week in Paris. The speakers included: Elise Beuriot, senior category leader, EU Luggage, Amazon, Olivier Dancot, VP of data, Lectra, Fabrizio Fantini, founder and CEO, Evo Pricing, and Gulnaz Khusainova, founder and CEO, Easysize. There are multiple ways in which the fashion industry’s ecosystem can use customer data. Analysis of customer data lends itself to limitless applications along the entire fashion value chain. Its impact is immense, whether in terms of customer satisfaction, competitiveness, revenues or waste limitation.
Fashion is an industry where unsold items generate a lot of waste. Algorithms and big data analysis can reduce leftovers by anticipating demand several weeks ahead in order to optimize the price and replenishment. Fashion companies who exploit data to inform their decisions become more efficient. They are better armed to protect their margins, but can also sell for less, and potentially reach a larger number of consumers.
A wealth of data offers many sources of inspiration for stylists. For teams in charge of collections, complex models allow the analysis of data like online traffic and purchase history in order to design and offer products consumers expect, which is a priority for a company obsessed by the customer.
For editors of software dedicated to fashion, and suppliers of cutting machines designed for the clothing industry, analyzing usage data enables the offer to evolve, making each step in the value chain more efficient and perfectly adapted to the needs of brands, retailers and manufacturers.