Fashion Management

Q: How can a Fashion Brand know what their customer’s tastes & lifestyles are going to be in the future?

1. In the far future: In the world we live today Fashion Brands can buy information’s about the upcoming trends. A well-known way of buying information is called “cool hunting” >> Companies that predict trends. Fashion Brands can buy the information for an expensive price.

Advantages:

* Companies have travelled the world to go find the most innovative people.

* They have observed them closely worldwide.

* Cool hunting companies not only look at the innovative people but also at the new architecture, how the art is changing, and the furniture. As well as the state of the world we live in: demographic, economy, culture, etc.

Why do they follow the innovative people?

>> 10% of people start to act different (the innovative people)

>> 90% of people will copycat them within 2 years.

Where do we find the innovative people?

>> All over the world.

Disadvantages:

* It is expensive, not every brand can afford doing this.

* Every person that buy this information gets the same information:

so you might end up with two scenarios:

[1] Fashion brands have the same style, colors in their new collection

[2] Fashion brands buy the information to look what they absolutely are not going to do.

2. In the near future: Another way for brands to predict the upcoming trends is through “social media & communication”. You can look at customers’ habit, watch them, observe them and you will find a lot of information.

If watching them is not enough you can observe them more intensely, “Big Data might help you. Big Data is a Business Intelligent way of researching information. The data will observe your customers’ habit and link information and end up with a predicting analyze. With this analyze you can suggest new trends to your customers. Once a new habit...