THE FASHION INDUSTRY AND THE IMPORTANCE OF REAL-TIME MONITORING
Christian Drachmann is an experienced e-commerce BI consultant who has worked in the fashion industry for over ten years. In an interview conducted on December 21st, 2022, he discussed the challenges facing the fashion industry and the importance of real-time monitoring.
The fashion industry is collection-driven, meaning that new products are produced and released regularly to keep up with consumer demand. This creates a significant environmental impact, as products are produced and shipped around the world. Drachmann highlighted the need for real-time monitoring of product performance so that businesses can make informed decisions about which products to produce and which to discontinue.
Traditionally, fashion businesses would only receive sales data 2 to 3 weeks after a product launch and need a further 2 to 3 months to have acquired enough data to be able to make valid conclusions. This meant that they had little ability to adjust or reject products that were not performing well. However, Drachmann pointed out that some companies have been successful in implementing real-time monitoring of their products. If a product is not performing well, the company can quickly halt production and focus on selling other items that are more popular.
Another area that Drachmann discussed was the need for shop-to-shop orders to be optimized. In the fashion industry, businesses often shuffle stock between shops, which is expensive and environmentally damaging. By monitoring data and making informed decisions, businesses can reduce the need for shop-to-shop orders and minimize their environmental impact.
Finally, Drachmann talked about the importance of social media listening in the fashion industry. By monitoring social media channels and consumer ratings, businesses can get a better understanding of how their products are being received by customers. This information can be used to make informed decisions about future product launches and marketing campaigns.
In conclusion, real-time monitoring and data analysis are critical for success in the fashion industry.