This is Part Two of a recent interview by the Apparel Magazine where we answered several questions and shared our view point on some of the most pressing challenges as well as the opportunities that Fashion-Lifestyle Brands and Retailers are faced with today. We discuss the increasing number of touch points, how it affects a buyer's journey and how fashion retailers can turn data from multiple touch points into actionable insights.
Apparel: Today's multiple touch points offer increasing opportunities to gather data on the consumer path to purchase. What kind of technology infrastructure commitment is required for a firm to turn data into actionable intelligence?
Customers today generally tend to go through several stages in the buying journey, and this is not necessarily a linear process anymore. Fashion retailers have an opportunity to capture data at each of these stages and gather insights to help improve the overall process. By having the right tools in place at each touch point, brands can enhance the customer experience while tweaking their own processes to be more receptive to consumer desires.
Moreover, considerations will need to include the e-commerce platform, tightly coupled with back-end systems, social sentiment analysis tools and systems capable of capturing data from physical stores and making it available in real-time. Some firms have already begun the process of capturing data but typically these are still scattered across multiple systems and therefore curtail the true potential of consolidated information.
However, merging the customer data you’ve collected gives you a complete view of each customer and their unique buying journeys. Likewise, combine it with inventory, sales, marketing, manufacturing, and other data — and you have a powerful foundation that can be harnessed to drive omnichannel excellence. In essence, a robust data repository with in-memory processing power to run real-time analyses and provide insights as and when they occur will mark the next frontier for fashion retailers.
To read the full interview, view the Apparel Magazine's Vendor View Point. It also features how our client, Rockport is harmonizing channels by utilizing SAP Fashion Management.