Trend Analytics vs Forecasting
Trend forecasting’s macro lens can lead to error, leaning heavily on intuition to plan many seasons ahead.
The emergence of trend analytics tools complement trend forecasting with data-driven validation, removing the element of risk. Moreover, trend analytics detects the early signals of emerging trends. This creates opportunity for planning and design products that will meet demand at the right time.
The use of trend analytics tools reveal insights into current demand, archiving the lengthy process of conducting market research and expediting the trend validation process.
The trend performance solution by Omnilytics analyses trends across different markets and segments. Over the 12 months, among the top performing categories for floral prints in US womenswear was Intimates. The category had a high trend score, consistently outperforming other categories. Popularity of floral prints in Intimates remained stable over the past 6 months – even when the coronavirus hit, while other categories continue to fall. The strong consumer demand presents an opportunity that can be leveraged to produce potential bestsellers, minimising risk of overstock.
Data-backed analytics assist in accurately meeting consumer demand and driving speed and efficiency to gain headway over competitors.