February 22, 2017
The merchandising team at Taylor Stitch, a fast-growing apparel brand based in San Francisco, had a problem.
They had a 48-hour window to place the largest fabric buy of their fall season, material for their popular Yosemite shirt line, and they couldn’t reach a consensus about which patterns would drive the most sales. Should they double down on styles that had sold well in the past, or focus investment on newer designs that spoke to the future?
This debate is not unique to Taylor Stitch. Merchants across the retail industry are responsible for creating the product assortments that customers find when they walk into a store or navigate to a brand’s website. These are often multi-million dollar decisions that must be made on short timelines using a blend of art and inexact science. The ultimate goal— to deliver products that customers love and buy.
There has never been more pressure on merchants to deliver winning assortments. Over 50% of new products fail once they reach market, according to sources like Gartner, and over two-thirds of marketing emails contain some sort of promotion in an effort to move excess inventory. This data, coupled with declining comps throughout the industry, suggest that today’s standard operating procedures for merchandising are no longer cutting it. So what has changed?
At MakerSights, we believe that using technology to facilitate a dialogue between brands and their customers is the key to evolving merchandising in the age of the customer. By lifting the veil and inviting consumers into the product development process, brands get direct access to the opinions and preferences of their own customers—critical inputs for making more confident and profitable decisions. The result? Healthier margins and happier customers.
So back to Taylor Stitch… how did they ultimately make their fabric purchase? Rather than continue to debate internally, they incorporated the voice of their customer. Through MakerSights, they collected feedback on which patterns and styles held the highest appeal. Pairing this insight with their creative instinct allowed them to make a fast decision – confidently placing their fabric buy within hours.
In a world where customers can buy anything, it is essential for merchandising functions within retail organizations to develop products that speak to customers. At MakerSights, we’re making the bet that the best form of evolution is inviting customers to the decision-making table.
We focus on surrounding AI design tools with consumer data to improve accuracy and prevent decision fatigue. Our intuitive product insight platform and team of retail-expert researchers work with brands to uncover their target consumers’ preferences on everything from color, silhouettes, patterns and feature attributes.
To provide a little insight into what’s likely coming down the pike, we’ve rounded up the recent statistics that we think retailers should keep top of mind over the next twelve months. From operational efficiencies to digital transformation to responsible fashion, here are 55 stats that we believe are key indicators of what’s to come in the new year.
One team’s success doesn’t have to come at the other’s expense. In fact, it’s proven that brands perform better when these two groups work together.