The retail challenge has remained the same for decades. The challenge is in getting the right product at the right place at the right time and the right price. With the technology available today we are presented with an opportunity to transform the precision, localization, prediction and automation of the key decisions in design, buying, planning, allocation and pricing.
Customer expectations are changing faster than ever before. Retail operation and execution have changed. However, product and inventory decision making remains unchanged for years. Therefore, there is a need for a paradigm shift in the approach to the fashion business. This paradigm shift is the invention of demand science for fashion.
The demand science for fashion business takes a systemic view of the value chain. The system encompasses the entire cash to cash cycle of the value chain, including the consumer research. You can check the original article about this interesting subject here.