Download Information Management

3.0 Understand fashion
trends and forecasting.
Fashion Merchandising
3.02 Understand the use of technology in fashion
merchandising and marketing.
Technology for Information Management
• Advances in communication technology spread
ideas and business transactions rapidly, causing an
explosion of information.
• All businesses communicate information
internally within the company.
• They also communicate externally with suppliers,
the financial community, customers, competitors,
government, labor, the local community and
stockholders.
Technology for Information Management
• Good information management can give a
company a competitive advantage over other
companies in meeting customers’ needs.
• Information Management is comprised of the
activities that generate an orderly and timely flow
of relevant information to support business
activities.
–It is done with productivity-enhancing tools, such as
computer systems.
Technology for Information Management
• Communication technologies in the fashion pipeline
have expanded the industry’s “information loop.”
• More people are involved in the decision-making
process because they can readily access the needed
information and add their input.
• Fast, accurate communications enable more timely
merchandise decisions to be made.
Technology for Information Management
• Software programs organize data to achieve
company goals, such as to carry specific stock
quantities or to improve turnover.
• Studies have shown that expenditures on
technology are cost-justified, yielding a competitive
advantage.
• As more computer-trained employees enter fashionrelated industries, the importance of advanced
systems for business functions will increase.
Technology for Information Management
• Artificial Intelligence (AI) is when computer
systems simulate human thought and reasoning.
• AI involves both “expert” and “neural” systems.
• Expert systems must be set up by an industry
expert to go through specific processes.
• Neural systems learn internally from previous
activities.
Electronic Communication
• Web design, the development and maintenance of
internet websites, has become an important aspect of
electronic communication and sales.
• Retail sites with the best web designs have enhanced
usability by consumers.
• Consumers can use a website to find new merchandise,
career opportunities, and current trends.
• While shopping online you leave a virtual trail of data
for the retailer, this is called click stream data. It follows
all of your clicks on the retailer’s website.
Communication via Mobile Devices
• Tablets and smartphones are now being used as eretailing shopping devices.
• They enable mobile payment processing or selfcheckout.
• With free and purchased applications (mobile apps)
they have become mobile personal computers.
• Apps perform specific functions on electronic
devices.
Communication via Mobile Devices
• Apps are good for retail customer engagement and
loyalty strategy.
• They can provide mobile shoppers with quick
access to basic information, location of a retail
store, and in-store maps to locate an item.
• Retailers can use apps to offer coupons, award
loyalty points, and certain products can be
promoted or incentives given.
Social Media Communications
• Social Media is personal content created and spread via
electronic technology for interaction and sharing of
information.
–Ex. Facebook, Twitter, YouTube, Pinterest, Snapchat
• Our society demands instantaneous one-to-one
information, connections, and satisfaction.
• Savvy retailers understand and try to capture
communication opportunities to sell directly to their
most loyal customer base via their social networking
sites.
Going Deeper with Technology
• Clienteling is the effort to increase sales and
improve consumers’ shopping experiences by
collecting and using data about individuals.
• This is collected as customers research products
digitally and make purchases over time.
• Customer lifestyles and preferences are tracked.
• With this information, companies try to enhance
shopping experiences and create long-term customer
relationships.
Going Deeper with Technology
• Consumer privacy issues are sometimes questioned
concerning clienteling, as well as when geotracking
is done by businesses.
• Geotracking is identifying a person’s physical
location now and over time.
• GPS data obtained from smartphones tells where
people go.
• Habits can be established about the end-users,-what
they like, where they go, etc.
Going Deeper with Technology
• Social media information is stored in an accessible
format, about where people are, what photos they
take, what music they like, what products they
buy, or what information they are checking via
specific mobile apps that have been placed onto
smartphones and tablets.
• This information is available long after it is gone
on the user’s screen and is very valuable to
companies that want to sell to these people.
Going Deeper with Technology
• All of the social media data is compiled and
available as “electronic discovery” to corporations
that support these devices and services.
• As a smartphone or tablet user you hope that the
information doesn’t fall into the wrong hands.
Computer Aided Design (CAD)
• Constant research and development have brought
innovations in computerization to make textile
design and manufacturing faster and better.
• CAD, designing with computer equipment, has
shortened product development cycles since both
structural and applied designs can be created
electronically.
• Previously time-consuming hand manipulations are
done quickly and accurately today with CAD
systems.
Loyalty Programs
• Retailers want to forge “friendships” with their
customers to encourage regular repeat shopping.
• Loyalty (frequent shopper) cards have long be
used by grocery stores to track shopper purchases
and offer special pricing on items bought by
customers who use the cards.
• Retailer credit cards provide similar information.
Loyalty Programs
• Knowing what customers want and listening to their
concerns enables retailers to make better assortment
and pricing decisions.
• Anticipating needs creates loyalty in customers and
increases retail sales.
• Happy, loyal customers bring referrals to build a
large customer base.
• Retailers also notice which customers stop doing
business with them and try to figure out why.