Understanding the Workings of Fashion Retail, Guided by Analytics
The Bridge Fashion Incubator (TBFI) program is an initiative by the Textile and Fashion Federation of Singapore (TaFF) to support emerging designers (the incubatees) in developing their respective businesses.
The program provides its incubatees with mentorship by renowned experts, industry-standard facilities and various external resources for 30 weeks.
The Challenge: Cultivating a Commercial Mindset
The objective of the program is to help the designers develop the commercial mindset necessary to progress in the world of fashion retail. It is important to instil commercialism in designers, starting at the design and development stage to ensure business profitability.
TaFF reached out to Omnilytics to help equip TBFI program with an educational tool that specifically guides the designers in understanding industry commerciality using analytics.
The Solution: Learning with Omnilytics Fashion Academy
An online educational program, Omnilytics Fashion Academy (OFA), advocates the application of analytics and informed decision-making across various retail processes. The academy comes with more than 10 courses and over 50 chapters that enable new business owners to quickly understand industry best practices and gain real-time market insights by using the Omnilytics dashboard.
The incubatees learn how to monitor the competition performance and interpret findings into actionable insights. They also spot key indicators of business opportunities and emerging trends by exploring the advanced analytical tools provided that include downloadable report templates, simulations and checklists.
The knowledge and data-driven insights obtained from OFA greatly benefitted TBFI incubatees, enabling them to create commercially-focused assortments with effective pricing, and improve trade with market intelligence.
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