Taxonomy is commonly referred to as the classification of things. In retail, taxonomy discerns the name of an item, its classification, and organizes items by its primary and secondary search characteristics. In an ideal world, taxonomies utilized by retailers should allow customers to easily and quickly locate products that they are looking for while browsing. Interestingly, when developed
The advent and evolution of social media changed both legacy technologies and the way consumers use them. The camera, previously used to simply snap pictures or record videos for personal use, has become the lifeblood of every major digital platform. It now turns everyday users into content creators, allowing them to share visually-inspiring images with friends and followers across platforms.
Compare the shopping landscape of today to that of fifteen, ten, or even five years ago and you’ll find a completely different ecosystem today. It is, therefore, not surprising for many to question if brick-and-mortar stores will ever disappear sometime in the future due to the prevalence of online shopping. This could be true to a certain extent, but is very improbable for the broader market
Given that the sales of fashionable footwear is climbing by the billion every year and that men are spending nearly as much money on shoes as women are, shoe retailers ought to think about how they can further capitalize on this demand. Notably, one of the biggest trends in the market for footwear today is shoe customization.
The Internet is a highly visual space where billions of people gather; a free-flowing space for ever-growing opinions and user generated content. Undoubtedly, social media platforms were a major turnin point in the history of the Internet - the years between 2004 and 2011 saw the public swarming towards joining social media platforms such as Facebook, Instagram, YouTube, Snapchat, and
Society is highly dependent on mobile devices, opening up many doors for retailers and brands to capitalize on the data their use offers. Consumers in the U.S. now spend an average of five hours a day on mobile devices, and advertisers are spending more than $70 billion in mobile advertising in order to reach them.
Twenty four varieties of jam on day one, versus just six the next day proved that confronted with too many choices customers would rather not buy at all. The famous jam survey was conducted by psychologists Sheena Iyengar and Mark Lepper in 2000. Everyone who sampled the jams was provided with a $1 coupon. While more people nibbled on day one, it was the ones with just six jams to choose from
On a daily basis, readers are inundated with headlines about the impending “retail apocalypse” that brings with it dwindling foot traffic, store closures and the ultimate elimination of brick-and-mortar shopping. And though this might hold true for some legacy brands that have overextended their footprint throughout the years, it remains an unlikely scenario for the broader market. The rise of
Throughout history, music festivals have driven social and cultural revolutions. Events like Woodstock promoted “peace and music” in a time of political unrest and others like Live Aid drew attention to humanitarian crises on a global scale. And though some of today’s festivals tout worthwhile causes to their lineups, something far different is drawing people into their venues today - fashion.
This article was originally published in Forbes on 16th May 2017.
If you are a fashion retailer who is unfamiliar with machine learning, your education needs to start now.