Exane Bnp Paribas and VALUE LAB conducted a study on the tangible impact of analytics on the fashion and luxury industry, pointing out how these analytical algorithms are able to provide information that is crucial in order to anticipate consumer behaviour.
More specifically, the research, which included over 400 global brands, uncovers the true nature of the loyalty bond existing between top clients and fashion & luxury brands: the average receipt per person only equals 1,500 Euros with a yearly purchase frequency that barely exceeds one unit.
Furthermore, the study confirms the importance of analytics as tools able to help define merchandising strategies that are consistent with the identified segment and consequently adjust the boutique-specific assortment planning according to the relative client profiles.
Since the fashion and luxury industry has been growing in recent years especially thanks to its expansion in emerging markets (China and Russia) the real challenge for companies today is to keep growing within the existing retail perimeter.
In the same way the analysis and multi-channel activity are key in helping integrate in a single environment all marketing components, from above-the-line marketing and social media to geo- localisation and external databases, to the point of considering the individual user, thereby maximising her engagement and anticipating her purchase intentions.
In this perspective, insights enable the industry to aim for organic growth, thereby increasing the economic value derivable from each single customer (lifetime value).
All starting from data already available in companies, which, thanks to a customer intelligence action, prove to be a real gold mine of information about their own reference targets.
"Logistics 2.0", Technopolis - Il Sole 24 Ore, October 2014, v.10 p. 26.
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Pubblicato il 24/10/2014