Many retailers and brands have built their brand identity on the shoulders of their core products and key differentiators. Often, that heritage is what has driven brand awareness and loyalty among consumers.
The retail and fashion landscape is changing rapidly. With new digitally native brands entering the market and department stores focusing on their private label offering, it’s challenging for an apparel or footwear brand to stay relevant. A retailer or brand’s ability to understand their position in the evolving market can help them identify new merchandising opportunities to compete and grow. So, how can retailers and brands remain relevant in this rapidly evolving landscape?
True Insight offers brands the intelligence that helps them make data-driven marketing, merchandising and product design decisions so they can exceed consumer expectations. Through a combination of key dashboards that map aggregate views of shopper and product trends, leading retailers are making key decisions with confidence and accuracy.
A retailer may wonder “why does my 25-35 year old consumer purchase my sport shirts but never purchases my trousers?” Access to data shows where the consumer buys trousers, and can inform the retailer that they might not be offering the fit or fabrication that their customer desires. With that knowledge, the retailer or brand is able to adjust their product design to create new products that appeal to their shopper’s preferences.
A retailer might be struggling to understand what shoe brands and styles their customer pairs with their occasionwear. They might be trying to understand if they should license footwear, gather resources to produce footwear in-house, or bring a national brand that their consumer loves into their online offering. With access to data about other brands and categories their customer shops, leading retailers are deciding with greater accuracy how to expand into a new category competitively.
Many brands today are expanding into extended sizing to market to a new consumer group. In doing so, they may want to understand if their plus consumer wants to be offered silhouettes and styles that are different from missy styles or does she want to be presented with the same assortment? Data that surfaces shows which product details drive sales for different consumer segments as well as the brands they shop for across the industry. In turn, retailers can better understand what types of styles shoppers in a new size range are most likely to purchase.
Understanding the price point that a retailer or brand’s individual consumers are willing to shop can help them expand into new demographics. Does the mass market consumer have an appetite to wear a luxury brand at an affordable price point? In order to answer this question, a luxury brand might partner with a mass market brand or retailer to bring a friendlier price point to a new audience. This brings an aspirational and expensive brand into the hands of consumers who would not purchase the brand at full price. The mass market brand or retailer is also able to appeal to a new fashion-forward customer.
When brands and retailers have access to data that is not siloed to who their customer is and how that customer behaves within their environment, they can expand on new opportunities. Driving key business decisions based on data is helping retailers and brands acquire new consumers and bring loyal shoppers into new categories.
SHARE THIS ON: