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Reflecting on The State of Fashion 2018

January 16, 2018

Business of Fashion and McKinsey and Company just released The State of Fashion 2018, a report designed to “provide a comprehensive view of the fashion industry.” The report, which can be found here, highlights a “new sense of optimism” for the retail industry, as retail undergoes “transformative shifts.”
 
The article cites that “leading players are therefore creating innovative business models, using granular customer insights as a source of differentiation and pushing the limits of their end-to-end product development process.”
 

Three major trends driving this shift include:

  1. A global economy

  2. Consumer shifts

  3. The fashion system

 
Of consumer shifts, the report cites “getting personal” as a key factor. “Fashion companies will deliver personalisation in many forms – from more-customised products, to curated recommendations, to communications and storytelling that connects to individuals. Indeed, respondents to the BoF-McKinsey Global Fashion survey identified personalisation as the number one trend in 2018.”
 
What’s more, the report states “According to a Linkdex survey, more than 70 percent of US consumers expect some sort of personalisation from online businesses.”
 
Where does data fit into this? The State of Fashion reports that this year, more fashion brands will use data to provide personalised curation. “The leaders of the pack will leverage data and technology like machine learning to provide cutting-edge individualised curation and tailoring for consumers that takes into account purchase journeys and customer feedback.”
 
True Fit hosts the retail industry’s most comprehensive data collective – the Genome – to power personalized experiences just like the above. By combining manufacturing design data, consumer order data and personal preference data, machine learning and AI offer consumers powerful personalized experiences across retailer’s ecommerce platforms. To learn more about the Genome and how it supports “the leaders of the pack,” visit here.