New Product Intelligence
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One of the biggest challenges of the apparel industry is predicting the reception of new product launches. While fashion brands have long been relying on traditional focus groups to understand the demand for new products, today many are embracing analytics to generate actionable product intelligence.
Such predictive intelligence is allowing brands to discover how previous product details (style, fit, price point, etc.) were perceived by consumers.
Benefits for the company
This helps them in improving the consistency of creating winning products that are a hit with customers while reducing the risk of wasted inventory.v
Feasability
High
Type of expertise/ AI domain
Advanced Anlytics, Visualization
Internal data required
Historic Purchases, Customer Feedback, Hot Selling products, Returns, Defects