Staying Ahead of the Trend: How a Digital Platform Can HelpMay 3, 2019
Trends, especially in retail, are exactly what the name implies: ephemeral and subject to change. However, predictions concerning the next round of trends are actually often released months or even up to a year in advance of the season!
Retailers that base their product development on these forecasted trends put themselves in a risky position since the far-out predictions don’t always turn out as planned. To account for this, real-time updates on fast-selling items allow retailers to not only keep up with the latest trends, but also capitalize on their findings so they can put the hottest items in the hands of shoppers faster.
To stay on-trend, retailers need to stay a step ahead. The question they should ask themselves is this: do we have the tools in place to react and adjust to produce what’s actually moving as opposed to what was predicted to sell 6 or 9 months ago?
Plan your reaction with a digital supply chain
The key to unlocking insights that lead to accurate trend forecasting is a connected, fast-moving digital supply chain. With a digitized solution in place, retailers can trade in guesswork for measurable results, pleasing customers and maximizing profits in the process. The classic “assembly line” retailers have followed for decades doesn’t account for the rise of new styles or unexpected popularity of a certain item. To be successful, the entire extended global enterprise must react immediately to current consumer buying trends.
In a digital supply chain, everyone has the same objective: if a product is selling, quickly get more of it, and if it is not selling, quickly get out of it.
Easily forecast trends with a cloud-based solution
The future of retail depends on predicting consumer purchase patterns and responding to rapid shifts in demand. The retailers that can quickly design and deliver the products that consumers really want will thrive. The ones that don’t will cease to exist.
NGC is uniquely positioned to help our customers stay ahead of the trends and lower risk in today’s hyper-competitive retail landscape. Our Andromeda Cloud Platform® brings together all the disciplines that are involved in the concept to customer lifecycle, from product development to planning and execution, all in a single, flexible platform. No two retailers are exactly alike, so Andromeda can easily be adapted to their requirements. Andromeda provides a real opportunity for each brand to craft and configure differentiated solutions that meet the unique value proposition they offer to their customers.