What is fashion trend analytics? Trend analytics is a term used in the industry to derive statistical analysis from the quantitative data gathered by observation of current fashion trends. It is a powerful method of identifying emerging trends, product obsolescence, and product re-growth patterns and enables researchers to measure marketing efforts against observed data to determine whether these efforts are yielding results. This method is also used to understand the parameters by which market leaders differ from followers, the nature of consumer preferences, the price elasticity of fashion trends, and the behavioral properties of fashion buyers.
For many years, fashion has been considered one of the most difficult industries to penetrate in terms of advertising dollars. Marketers must find creative ways to convince the public that what they are buying is of value to them. This challenge has inspired designers to create cutting-edge fashion trends that catch the attention of fashion enthusiasts around the world. The goal of every fashion house is to create a new fashion trend that is different from what is already being offered by its competitors.
Fashion trends are dynamic and ever-changing; existing trends become outdated in a matter of months, while new trends are created and shaped every year. To analyze past and present fashion trends, many firms use sophisticated technology and complex mathematical algorithms to map consumer behavior, past purchasing behavior, and product attributes against economic, environmental, and social factors. The information provided by these tools enables marketers to formulate strategies for promoting new product categories, designing and selling new items, and analyzing competitor activity to identify opportunities for marketing strategy. This helps fashion houses to identify market trends that can yield substantial profit. A well-designed software program for fashion trend analytics, once implemented, will make the difference between a fashion house’s success and failure.