In common parlance the fashion and apparel industry seem to have little to do with advanced business analytics. Apparel makers and retailers have traditionally been stronger on the art side of business, taking decisions based on judgement and intuition rather than on the science of such quantifiable analytics. That would need to change, as demonstrated by Amazon’s use of the same. Some actions have thus been identified which all apparel retailers need to apply in order to improve their business. Firstly, they must know how to prioritize when it comes to markets and segments as not all have equal potential. Data warehousing is to play a massive role, as this vast treasure trove may get analyzed to extract meaningful business insights. Instead of continuously keeping an eye on the calendar, due focus must be made on the value addition. The recruitment has to be well thought out with the right mix of designers representing the art and the data scientists representing the science side.

Source:https://www.mckinsey.com/industries/retail/our-insights/geek-meets-chic-four-actions-to-jump-start-advanced-analytics-in-apparel

Uploaded Date:13 November 2018