Hi, I’m Michaela Wessels, CEO of Style Arcade. Over the next few weeks, I'm going to share 5 surprising facts that I learned over a 15 year career in Merchandise Buying & Planning for fashion retailers. We'll also cover how these can be used to impact your product performance, profit and growth.
Throughout this series we cover the 5 surprising ways to use your data:
In Part 1 we talk about aspirational shopping, how Victoria's Secret utilises this strategy to its full potential and how the brand has come full circle on their product strategy to cater to their highest customer demand area.
In Part 2 we move across the world to America, and how Australian activewear label Lorna Jane successfully launched their products overseas, but not without some initial set backs. We talk about how to properly launch overseas to avoid the same mistakes.
Part 3 springs back to a pricing strategy discussing price elasticity, we talk about whether elasticity is a bad or a good thing, how to build your brand so that you can create more profit by discounting less, simply by following your brands elasticity.
Part 4 talks about increasing your profits, specifically by getting very granular about your sizing. What it means to get your sizing right, so you'll never sell out of sizes and miss opportunities and how to do this for colour, not just sizing.
Part 5 uncovers the unusual discovery that the model you choose in your photoshoots can significantly impact on your sell-through. We show you how you can calculate the performance of your models and what the metrics are that matter most when it comes to evaluating the dollars they bring to your business.
Part 1: Aspirational Shopping
Part 2: Geo-locational preferences
Part 3: Price Elasticity
Part 4: Sizing as a growth lever
Part 5: Model Performance
Style Arcade is a software company servicing fashion businesses to make the right product decisions through analytics and range planning.