From now on Desigual, the Spanish brand renowned for colorful upbeat apparel, has chosen the US software company First Insight to improve its design and pricing decisions by leveraging consumer insights.
“Consumer satisfaction is our ultimate goal. By implementing First Insight, we are enhancing our customer-oriented business model,” said Desigual. “This technology will be critical to understanding and meeting our growing customer needs.”
The Barcelona-based company currently develops several collections including womenswear, menswear, childrenswear, beauty, living and sport.
Big data and predictive analytics are proving to be a sound investment for brands that aim to reduce markdowns and overstock inventory while keeping the pulse of their customers' style and expectations.
What will work better next season: tassels or pom poms? Geometric or floral? In the competitive and rapidly changing fashion industry, successful brands cannot afford to guess the answers to these questions, because their competitors increasingly are adopting predictive analytics.
Predictive analytics is the science of trendspotting and product optimization based on consumer data, market trends and even weather patterns. Data do not substitute the designers' creativity and inspiration, but offer them a guide to informed decision-making for their creations by identifying winning new products and design elements before costly investment decisions are made.
First Insight’s software will enable Desigual to evaluate a greater number of designs and products and match them to the purchasing patterns of their customers. The tool calibrates inventory buys based on direct consumer input and predictive analytics, allowing Desigual to optimize allocation strategies.
“Desigual has built its business on successfully bringing new, cutting-edge and innovative designs to the market,” said Greg Petro, CEO and founder of First Insight. “Through our partnership, we will provide Desigual with the customer insights they need to inspire greater confidence in introducing fashion choices that match customer style preferences.”
Other brands that have enlisted the services of First Insight include Salvatore Ferragamo, Kohl’s, Avon, Vince Camuto and Dick's Sporting Goods, among others.