Are you responsible to choose the new merchandise, and/or design sellable apparel in the fashion business? Then you probably made more than once the frustrating experience that analyzing your own data has often failed to provide actionable market and consumer insights to dominate the competition. Don’t stress out about it, because here is an easy, affordable solution for you! This post introduces you to Woven Insight who combined huge consumer review data with state-of-the-art AI analyses to provide you the needed information for data-based decisions in your marketing design and strategy to dominate your competitions.
This post also explains why your datasets may be screwed, not even be representative, and/or too noisy to reveal important trends, and potential opportunities. It discusses how AI works, and how it can help fashion businesses of all sizes and types (e.g., fashion designers, merchandisers, procurement personnel, retailers, research). Learn how Woven Insight AI actionable consumer and market insights can help you in making data-based decision for improving your own business services, and read how to book a customized demo.
- Why You Should Know about Woven Insights
- Why You Have to Analyze Customer Review, Trends, Competitor to Improve your design and/or retail strategies
- What Are Noisy Data
- How Does Woven Insights AI Work?
- Summary of Why Can Woven Insights AI Actionable Consumer and Market Insights Can Help Your Fashion Business
- FAQ
- References
Disclosure: I wrote this post for Woven Insights. All opinions are my own, and 100% honest.
Why You Should Know about Woven Insights
Woven Insights offers affordable fashion market analyses based on huge datasets of customer review data with actionable reports for fashion businesses of all sizes encompassing fashion designers, merchandisers, procurement personnel, retailers, and research teams.
You can use their deep, efficient, and accurate market and consumer insights to improve your own design and/or retail strategies.
What Are Noisy Data
Both small and large businesses have only direct access to the data of their own sales, and customer reviews. These data are just a small sample of customer reviews of the millions of customers. Furthermore, not everyone of your customers provides a review with valuable data on fashion related preferences like color or design suggestions.
Unfortunately, scientific studies have shown too small samples can be very noisy. Consequently, they can be insufficient to gain consumer insights on trending styles, colors, fabric types. The same is true for market insights. Therefore, the small data sample of even large businesses bear the risk to miss potential opportunities of profitable business decisions easily (see diagram for explanation).
Giving actionable consumer and market insights based on huge data is where Woven Insights AI really shines.
How Does Woven Insights Work?
By using cutting-edge AI technology, they meticulously harvest vast amounts of unstructured data (aka Big Data) from a multitude of websites, and ecommerce platforms. These raw data serve as the data basis for creating their market and consumer insights. Their AI algorithms analyze these huge datasets to derive actionable consumer and retail insights exclusively for your fashion business.
These AI algorithms, among other things, capture relevant data for your fashion consumer or market insight questions, apply pattern recognition techniques, and so-called sentiment analyses. The former identify trends, consumer preferences, and evolving market shifts like trends. Their color insights and analysis algorithm, for instance, transfers the market psychology behind color choices into usable insights. The sentiment algorithms help to understand the emotional tone behind customer feedbacks and reviews.
The featured image, for example, shows consumer insights as comparison of what reviewers think about a white T-shirt and black T-shirt (diagrams courtesy to Woven Insights).
Demand Forecasting, Competitive Intelligence, Market Research
Let’s discuss an example of market insights. Assumed your goal is to design a product assortment that resonates with your target customers. Here Woven Insights AI’s color insights and analysis can
- Forecast which colors will resonate with consumers,
- Give market insights on color preferences of your target demographic of shoppers.
Their advanced analysis of product assortments examines features, styles, and ranges. These market insights can
- Give you a comprehensive understanding of what appeals to your target consumers,
- Tell you consumer desires and market demands,
- Identify which products are performing well, which products to phase out.
What Kind of Results Will You Receive for Your Fashion Business?
Woven Insights AI goes far beyond data processing. Sophisticated machine learning models analyze, and interpret the complex data for you. Their AI-driven approach ensures accurate, and accessible insights. By means of customizable dashboards with interactive interfaces, you can visualize the data as best suits your needs. Charts, graphs, and infographics visually tell the market story, and permit sharing the insights effortlessly with your team.
Finally, Woven Insights AI crafts an exclusive report targeted for your fashion business to empower you to make informed, strategic decisions. The easy-to-read report includes clear, actionable advice, and guidance for your decision-making process (see left side of the next chart).
How Can Woven Insights’ AI Help Your Fashion Enterprise?
Woven Insights can help your fashion endeavor in many more ways than I can describe in a brief post. Therefore, it’s best to book a demo. However, to give you just a brief idea on two of their many actionable consumer and market insights possibilities, let me give you two easy-to-relate to interesting real world examples.
Example 1:
Let’s assume you are a fashion designer. To create a sellable apparel collection for plus size women, you want to know the needs and preferences of these shoppers. Customer reviews often contain suggestions and requests for fit, cuts, colors, material, prints, pattern, and alike. By analyzing large volumes of customer reviews written by this target group Woven Insights AI can identify patterns and trends in their shopping behavior. As a result, they can arm you with insights related to price, fit, aesthetics, color, cuts, material, etc. This information empowers you to design pieces in preferred fabrics, cuts, colors, and material that meets their taste and price range.
Example 2:
When a manufacturer of fabrics produce twill fabrics from regenerated bamboo, while the demand for virgin bamboo Tees is high, the product fails to fulfill the market needs. Consequently, the manufacturer might have to store their produced merchandise for a long time until denim apparel from renewable resources is trending. However, instead of producing into the blue, they could have been able to strive if they had produced fabrics based on market demands.
In other words, Woven Insights AI can provide manufacturers with accurate insights about the current customer demands for the various fabric structures in the different materials. Consequently, they can avoid the extra costs of storage or financial loss by selling under price.
Summary of Why Can Woven Insights AI Actionable Consumer and Market Insights Help Your Fashion Business
Woven Insights’ AI provides fashion businesses of all sizes with the actionable consumer and market insights to empower them to made data-based decisions. By analyzing large volumes of publicly available review data, they can identify fashion patterns and trends related to price, fit, aesthetics and material. These insights help you to better understand retail trends related to customer demands of product features and assortments, colors, pricing, and discounts for your fashion business. Furthermore, by obtaining knowledge about your fashion niche’s emerging market trends, you can enhance your design and retail strategies to better serve your customers, and to dominate the competition.
Their solution is exclusive to your fashion-business (e.g., fashion designers, merchandisers, procurement personnel, retailers, research). Best, Woven Insights’ AI actionable consumer and market insights are among the most affordable, and accessible in the fashion industry. Visit their website for booking a demo and/or for more information.
FAQ
What kind of data do they use? Woven Insights only gathers and analyses already publicly available data.
Does their solution require private information? No. Consequently, their solutions are neither in breach of any privacy regulations nor pose any threats to shoppers’ data privacy.
Does Woven Insights analyze social media posts and surveys? No. Their consumer insights solution leverages only product reviews from websites and ecommerce platforms.
How to signup for Woven Insights? Go to woveninsights.ai, and schedule a demo with a member of their team, and they will help you with the discovery and onboarding process.
References
Jayawardena, N.S., Behl, A., Thaichon, P. and Quach, S., 2022. Artificial intelligence (AI)-based market intelligence and customer insights. In Artificial intelligence for marketing management, Routledge, 120-141.
Mölders, N., 1987. Wolkenerkennung in AVHRR Daten mit besonderer Berücksichtigung der Gebiete über der Arktis. M.S. Thesis, Institut für Geophysik und Meteorologie, Universität zu Köln, 81.
Rathore, B., 2017. Beyond Trends: Shaping the Future of Fashion Marketing with AI, Sustainability and Machine Learning. Eduzone: International Peer Reviewed/Refereed Multidisciplinary Journal, 6, 16-24.
Samohyl, R., 2020. Sample size and uncertainty when predicting with polls: the shortcomings of confidence intervals. Survey Practice, 13(1).
Shi, M., Chussid, C., Yang, P., Jia, M., Dyk Lewis, V. and Cao, W., 2021. The exploration of artificial intelligence application in fashion trend forecasting. Textile Research Journal, 91, 2357-2386.
Varoquaux, G., 2018. Cross-validation failure: Small sample sizes lead to large error bars. Neuroimage, 180, 68-77.
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