Retailers enjoyed the best holiday season in years in 2017, but the success did not extend to all fashion retailers. While retail sales were up 5.5%, apparel sales grew by only 2.7% overall, a lackluster increase compared to the rest of the industry. There were clear gaps between the winners and losers in apparel and fashion sales, as department stores continued to lose ground to fast-fashion companies and innovative fashion brands.
What separates the winners from the losers? In part, it’s the ability to harness the power of real-time sales data to understand the latest trends and respond to rapidly shifting demand signals. As a result, winning companies can do two things
- Quickly get the right products to the consumers who want to buy them
- Quickly get out of the products that are not selling