Analytics in Fashion Retail

retail
predictive_model
modelling
data_science
descriptivestats

#1

Hey guys,

I’m working for a Fashion Retailer that has only Brick and Mortar stores and I’m the only guy doing any sort of Analytics. Problem is, this is my first experience of performing Analytics in Retail and I have no guide/support/mentor. Analytics in Retail is harder than I imagined.
Anybody here who is using any form of Analytics in Fashion Retail? It would be of great help to me.


#2

Regardless of domain, the first thing is you need is to come up with one or more questions that you want to answer through data analysis. For example:

  • How discounts impact sales?
  • Is it possible to reduce inventory size?
  • Which locations are best for new stores? And why?
  • Can we profile our consumers?
  • What features make a product a success?

I could list dozens more, but you get the gist.

Next, you should answer the following questions: why is this analysis important? How can the business benefit from the results? Even if no one is asking these questions, if you can’t answer them, the analysis has no value at all.

Just after finishing the above two steps you can start working with the data. With a clear objective defined, you will see that making analyses for fashion retail stores or food stores, or car washes, or whatever is pretty much the same.


#3

I think search about a company named shopsense/Fynd . they are using machine learning in fashion/clothes side.