Customer relationship management (CRM) is a process in which a business or other organization administers its interactions with customers, typically using data analysis to study large amounts of information.
Fashion is a term used interchangeably to describe the creation of clothing, footwear, accessories, cosmetics, and jewellery of different cultural aesthetics and their mix and match into outfits that depict distinctive ways of dressing as signifiers of social status, self-expression, and group belonging. As a multifaceted term, fashion describes an industry, styles, aesthetics, and trends.
Retail is the sale of goods and services to consumers, in contrast to wholesaling, which is sale to business or institutional customers. A retailer purchases goods in large quantities from manufacturers, directly or through a wholesaler, and then sells in smaller quantities to consumers for a profit. Retailers are the final link in the supply chain from producers to consumers.
Marketing research is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services. The goal is to identify and assess how changing elements of the marketing mix impacts customer behavior.
In marketing, market segmentation is the process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers based on shared characteristics.
Marketing management is the organizational discipline which focuses on the practical application of marketing orientation, techniques and methods inside enterprises and organizations and on the management of a firm's marketing resources and activities.
In economics, a luxury good is a good for which demand increases more than what is proportional as income rises, so that expenditures on the good become a greater proportion of overall spending. Luxury goods are in contrast to necessity goods, where demand increases proportionally less than income. Luxury goods is often used synonymously with superior goods.
Coolhunting is a neologism coined in the early 1990s referring to a new kind of marketing professionals who make observations and predictions in changes of new or existing "cool" cultural fads and trends. Coolhunting is also referred to as "trend spotting," and is a subset of trend analysis.
Fast fashion is the business model of replicating recent catwalk trends and high-fashion designs, mass-producing them at a low cost, and bringing them to retail stores quickly while demand is at its highest. The term fast fashion is also used generically to describe the products of the fast fashion business model.
Visual Merchandising is the practice in the retail industry of optimizing the presentation of products and services to better highlight their features and benefits. The purpose of such visual merchandising is to attract, engage, and motivate the customer towards making a purchase.
Fashion design is the art of applying design, aesthetics, clothing construction and natural beauty to clothing and its accessories. It is influenced by culture and different trends, and has varied over time and place. "A fashion designer creates clothing, including dresses, suits, pants, and skirts, and accessories like shoes and handbags, for consumers. He or she can specialize in clothing, accessory, or jewelry design, or may work in more than one of these areas."
Customer analytics is a process by which data from customer behavior is used to help make key business decisions via market segmentation and predictive analytics. This information is used by businesses for direct marketing, site selection, and customer relationship management. Marketing provides services in order to satisfy customers. With that in mind, the productive system is considered from its beginning at the production level, to the end of the cycle at the consumer. Customer analytics plays an important role in the prediction of customer behavior.
Sustainable fashion is a term describing products, processes, activities, and people that aim to achieve a carbon-neutral fashion industry built on equality, social justice, animal welfare, and ecological integrity. Sustainable fashion concerns more than fashion textiles or products, rather addressing the entire process in which clothing is produced, consumed and disposed of. The movement looks to combat the large carbon footprint that the fast fashion industry has created by reducing the environmental impact such as air pollution, water pollution and climate change.
In the retail industry, a buyer is an individual who selects what items are stocked and their key responsibility is dealing with all the products that come into the store. Buyers usually work closely with designers and their designated sales representatives and attend trade fairs, wholesale showrooms and fashion shows to observe trends. They are employed by large department stores, chain stores or smaller boutiques. For smaller independent stores, a buyer may participate in sales as well as promotion, whereas in a major fashion store there may be different levels of seniority such as trainee buyers, assistant buyers, senior buyers and buying managers, and buying directors. Decisions about what to stock can greatly affect fashion businesses.
Demand forecasting refers to the process of predicting the quantity of goods and services that will be demanded by consumers at a future point in time. More specifically, the methods of demand forecasting entail using predictive analytics to estimate customer demand in consideration of key economic conditions. This is an important tool in optimizing business profitability through efficient supply chain management. Demand forecasting methods are divided into two major categories, qualitative and quantitative methods. Qualitative methods are based on expert opinion and information gathered from the field. This method is mostly used in situations when there is minimal data available for analysis such as when a business or product has recently been introduced to the market. Quantitative methods, however, use available data, and analytical tools in order to produce predictions. Demand forecasting may be used in resource allocation, inventory management, assessing future capacity requirements, or making decisions on whether to enter a new market.
Fashion merchandising can be defined as the planning and promotion of sales by presenting a product to the right market at the proper time, by carrying out organized, skillful advertising, using attractive displays, etc. Merchandising, within fashion retail, refers specifically to the stock planning, management, and control process. Fashion Merchandising is a job that is done world- wide. This position requires well-developed quantitative skills, and natural ability to discover trends, meaning relationships and interrelationships among standard sales and stock figures. In the fashion industry, there are two different merchandising teams: the visual merchandising team, and the fashion merchandising team.
The fields of marketing and artificial intelligence converge in systems which assist in areas such as market forecasting, and automation of processes and decision making, along with increased efficiency of tasks which would usually be performed by humans. The science behind these systems can be explained through neural networks and expert systems, computer programs that process input and provide valuable output for marketers.
EDITED is a retail intelligence company headquartered in London, England with offices worldwide including New York and Texas. The company produces real-time data analytics software intended for brands and retailers. Its products range across Market Intelligence to monitor the retail market worldwide for apparel, homeware and beauty products; Enterprise Intelligence to provide business analytics across ecommerce, physical stores and omnichannel teams; and Automation that combines signals from Market and Enterprise Intelligence. Its software is primarily used by apparel buyers, traders and merchandisers; however, anyone across a retail business from design to C-suite can use EDITED.
Slow fashion is an aspect of sustainable fashion and a concept describing the opposite to fast fashion, part of the "slow movement" advocating for clothing and apparel manufacturing in respect to people, environment and animals. As such, contrary to the industrial practices of fast fashion conglomerates, slow fashion involves local artisans and the use of eco-friendly materials, with the goal of preserving crafts and the environment which, ultimately, provides value to all, slow fashion brands, consumers and retailers.
Customer foresight is a new field of applied research. It aims to understand future consumer preferences and wishes with regard to tomorrow's products and services. It does so by combining customer research and foresight research elements. Customer foresight can be conceived as an interaction with projected future markets through selected customers by understanding their wishes and attitudes, ideas and visions as well as their perception of signals and drivers of change. Even though the concept cannot predict the future, it enables companies to prepare for different future scenarios and thus improves strategy and decision-making processes.
