September 2015
Beginner to intermediate
50 pages
56m
English
Content preview from Fashioning Data: A 2015 Update
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Chapter 5. What’s Next?
The data was really our goldmine.
Veronika Sonsev, InSparq
The implications of what fashion is doing with big data has the potential to resonate among a huge variety of industries—potentially to anyone that makes or sells products.
Geoff Watts, CEO of the fashion analytics platform EDITD, told Fortune, “We help retailers have the right product at the right price and the right time. That’s the kingmaking thing in retail. When you get that right, it unlocks a fortune.”
Veronika Sonsev from InSparq put it this way: “The company’s first enterprise product was a sharing and rewards product. One of the things that we saw with that product was that even though that product worked really well—we could really optimize sharing—it still was only affecting a small portion of business. We got some great advice that encouraged us to think about ‘how can we take that small percentage of customers who share, and amplify what they do to benefit the rest of the customers.’ That’s when we started looking at the data, and seeing that the data was really our goldmine.”
Journalist Lorraine Sanders agrees: “My sense is that the biggest dividends from the use of big data are going to come with reduced friction in both getting products to market and getting them in front of the right eyeballs once they are there. That, in turn, has the potential to affect margins and open the door to new types of business practices and internal structures that could change the way fashion is ...
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I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.