Sunday Morning Thought - "Data is the new oil". It's a phrase that you hear quite often these days. I googled who said it first. It seems that it was the British mathematician Clive Humby in 2006. However the quote needs to be interpreted with care. What he actually meant was apparently: “Like oil, data is valuable. But if unrefined it cannot really be used."
At the Digital Excellence Roundtable that FASHION Magazine hosted in Milan, several professionals from the fashion industry gave very useful insights what's necessary to make the most out of data.
1.) Alies ter Kuile, co-founder of Fashion Cloud, stressed the importance of a continous data flow between brands and retailers. If brands know the sell-out and the level of stock, they can optimize their replenishment. That's fundamental, since more and more retailers reduce their pre-order budget and increase their inseason buying. "Sharing the data is key."
2.) Marco Manca, retail director in the luxury sphere, shed light on the challenges of data sharing within a company. Who and which department has data access, is in many cases a tricky question. One key figure is the store manager who is in direct touch with top clients. "He needs to use the data, but he's still not always capable of doing it."
3.) Marco Franzoni, Digital & E-Commerce Director at PARIS TEXAS, showed how his company uses data to recalibrate its editorial content, from marketing campaigns to newsletters. His message: "Data needs to be simple and accessible for all who need to work with it."
4.) Francesca Verde, Chief Marketing & Digital Officer at Camomilla Italia, urges companies to look at data that reveals why something hasn't worked. Think about a client who went into a store and left without buying. "That kind of data can tell us sometimes more than a succesful sale."
Want to know more? Check out the article on our website that summarizes the key take-aways. Thanks to our speakers, guests, sponsors and our team for the great event! #event #fashion #mode #milan #data #digital #summit #conference #apparel #ecommerce #branding #marketing #platform #retail #selling #luxury #luxus #crm #clienteling