How can you ensure your fashion competitive intelligence is accurate?

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Fashion competitive intelligence (FCI) is the process of gathering, analyzing, and applying information about your competitors, customers, and market trends in the fashion industry. FCI can help you identify opportunities, threats, strengths, and weaknesses in your fashion business. However, FCI is not a one-time activity. It requires constant monitoring, evaluation, and adaptation to ensure its accuracy and relevance. Here are some tips on how to ensure your FCI is accurate.

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Naveed Anwar, PhD

Senior Manager Design Engineering FW, adidas Group Headquarter, Germany/ Generative AI & Prompt Engineer
Gil Ferreira

Pesquisador Independente na Enterprise Europe Network | Pesquisa de Mercado, Busca de Oportunidades
Amit Chotrani

Fashion Professor, Consultant and Visual Journalist

1 Define your objectives and scope

Before you start collecting FCI, you need to have a clear idea of what you want to achieve and what you need to know. What are your goals, strategies, and challenges in the fashion industry? Who are your main competitors and what are their strengths and weaknesses? What are the current and emerging trends, customer preferences, and market demands in your niche? How do you measure your performance and compare it to your competitors? These questions will help you define your objectives and scope for your FCI.

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Naveed Anwar, PhD

Senior Manager Design Engineering FW, adidas Group Headquarter, Germany/ Generative AI & Prompt Engineer
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To ensure your fashion competitive intelligence is accurate, employ a multi-pronged approach. Regularly monitor your competitors' tactics, visual merchandising decisions, pricing strategies, or marketing campaigns. The use of AI and machine learning-enabled tools can deliver insights in real-time, enhancing accuracy significantly. Social listening helps capture unfiltered customer sentiment towards competitors' products and services. Lastly, never underestimate basic market research; regular surveys and first-hand conversations with shoppers can reveal valuable insights. More accurate competitive intelligence allows you to anticipate competitor moves accurately, leading to proactive strategic decisions rather than reactive measures.

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Gil Ferreira

Pesquisador Independente na Enterprise Europe Network | Pesquisa de Mercado, Busca de Oportunidades
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O futuro da moda passará, sem margens para qualquer dúvida, na personaliza??o. A personaliza??o é o caminho mais próximo para chegar ao cliente e às suas necessidades diárias.

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Amit Chotrani

Fashion Professor, Consultant and Visual Journalist
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To ensure precise fashion competitive intelligence, employ a comprehensive approach. Diversify information sources through market reports, competitor websites, and industry publications. Regularly update data to track dynamic market changes. Foster industry relationships for valuable insider insights. Verify information from reliable sources to ensure accuracy. Utilize advanced technology tools for robust data analysis. Conduct competitor interviews for firsthand information. Adhere to legal and ethical standards in the gathering process. Cross-reference obtained data with industry benchmarks for additional validation. These measures collectively reinforce the accuracy and reliability of your fashion competitive intelligence.

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Shivani Vij

Activewear and Athleisure Designer/ Ex - Blissclub/ Export design development for H&M & JC Penney
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Fashion is a statement to the world around us; whether its past, present or future. the accuracy of your intelligence is on display if your objective meets with the objective or at the very least the desires of the people you are targeting the fashion scope at. It must be either a reflection or an aspiration for the fashion consumers to interact with your piece of intelligence and intellect which will then make it accurate both in the creative world and in business scale.

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Christian Edmonds

Digital Marketing Professional
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With competitive intel if you are seeing the same data from different sources that is usually a clear indicator that the intel is correct.

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2 Choose your sources and methods

Once you have defined your objectives and scope, you need to select the most relevant and reliable sources and methods for your FCI. There are many types of sources and methods available, such as online databases, industry reports, social media, trade shows, surveys, interviews, mystery shopping, and more. However, not all sources and methods are equally valid and useful. You need to consider the credibility, timeliness, accuracy, and completeness of the information you collect. You also need to balance the quantity and quality of the data, as well as the cost and time involved.

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3 Analyze and interpret the data

After you have collected the data, you need to analyze and interpret it to extract meaningful insights and implications for your fashion business. You can use various tools and techniques, such as SWOT analysis, Porter's five forces analysis, benchmarking, gap analysis, and more. You need to look for patterns, trends, gaps, opportunities, and threats in the data. You also need to compare and contrast your data with your competitors' data and your own performance. You need to be objective, critical, and creative in your analysis and interpretation.

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4 Apply and communicate the findings

The final step of FCI is to apply and communicate the findings to your fashion business. You need to use the insights and implications from your FCI to inform your decisions, actions, and strategies. You need to align your FCI with your goals, vision, and values. You also need to share your FCI with your team, partners, and stakeholders. You need to present your FCI in a clear, concise, and compelling way. You need to use visual aids, such as charts, graphs, tables, and more. You need to highlight the key points, recommendations, and action plans.

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5 Update and review your FCI

FCI is not a static process. It is a dynamic and ongoing process that requires regular updates and reviews. You need to monitor the changes in your competitors, customers, and market trends. You need to evaluate the effectiveness and impact of your FCI. You need to adapt your FCI to the new situations and challenges. You need to learn from your successes and failures. You need to keep your FCI fresh, relevant, and accurate.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Aayush Anima Aggarwal

Fashion Designer & Stylist | Creative Director
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Accurate fashion competitive intelligence involves meticulous research from diverse sources, cross-verification for data consistency, and leveraging AI tools for enhanced analysis. Engaging with industry events, monitoring customer feedback, and ensuring legal compliance are crucial. Seeking feedback from customers or experts further refines insights. AI, with its data processing capabilities, becomes a valuable ally, amplifying efficiency and accuracy in decision-making for navigating the dynamic fashion landscape.

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Opeoluwa Adekoya

Marketing | Growth | Technology | Content
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Leading fashion businesses use advanced AI and Data Analytics solutions like Woven Insights and EDITED to streamline the data gathering (scraping), analysis and visualization processes involved in competitive intelligence. These tools provide valuable insights into competitor strategies and products; by analyzing reviews from real shoppers, as well as retail trends around product pricing, assortment, inventory, and so much more - directly from competitor websites.

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How can you ensure your fashion competitive intelligence is accurate?

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1 Define your objectives and scope

2 Choose your sources and methods

3 Analyze and interpret the data

4 Apply and communicate the findings

5 Update and review your FCI

6 Here’s what else to consider

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