The traditional product-development loop is not well-suited to present-day fashion industry requirements. Social media induced digital marketing is now so strong that a few influencers and several individual users could end up promoting some trends which well sell out in a season. The misses meanwhile will never recover even with heavy discounting. That is why the very best of fashion retailers and brands outpace their competitors by using specific customer insights generated by business analytics tools. While developing concepts and creative processes, the fashion leaders make use of such tools. They are also quicker to market their produce with top priority set on improving supply chain efficiency. Consumer insights are packed in for major decision making. Not all kind of data is useful to these fashion brands, so they must know what all to pack in. Search data, social media mentions, competitor scans and product ratings must be on top of the pile. The supply-chain meanwhile must also be distributed into smaller segments such as a long cycle for basics, a shorter one for the stable seasonal products and quickest for most trendy in-season stuff. In addition, a test model needs to be adopted for the riskiest ones and a read-and-react for the untested lot.

Source:https://www.mckinsey.com/industries/retail/our-insights/the-need-for-speed-capturing-todays-fashion-consumer?cid=other-soc-twi-mip-mck-oth-1803&kui=tk-PMsL4NHTzF1qcebo0LA

Uploaded Date:23 June 2018