Trend forecasting are used by brands to help keep them on track with fashion trends. The fashion lifecycle typically starts from the innovator’s stage and progress to the laggards stage. The stakeholders here involves starting from a designer to the fashion-conscious crowd then to mainstream consumer. Before deciding to follow a trend, it is important to know in which stage they sit at the present moment, to determine that we must first need to do a trend validation.
The adoption of the Omnilytics dashboard helps brand in trend forecasting research and validation incorporating their findings with internal data. These validations could be formulated effectively to identify business opportunities and market demand gap at the right time.
Below are the recommended steps for brands to conduct a trend forecasting and data validation via Omnilytics dashboard:-
- Validate potential trend performance among inspirational brand
- Identify up trending trend (category, pattern, and colour) demand
- Validate up trending trend (category, pattern, and colour) performance
In addition, the research has to be supplemented with internal information such as:-
- Conduct research on-trend information from external context ie. established online platform
- Identify trend opportunity before businesses venture into production
User can easily identify the white spots from both internal and external data using the steps above.
Having vital data insights from both internal and external platforms allows brands to:-
- Save valuable time in the research process.
- Save cost in reducing trial and error on the product development process
- Increase product relevance in a local market context
- Improve brand-customer engagement – keeping track of the latest trend with relevant product availability
- Achieve stronger brand loyalty
Trend forecasting and validation are vital when it comes to developing the next product line. The combination of internal and external data insights provides greater visibility on market conditions in terms of market readiness and trend stage. Businesses aim to produce products and seize the opportunity at the right time. One crucial component in creating successful design is to spot trend relevant to the desire target market, enable the brand to strengthen its identity, establish brand loyalty, and increase conversion.
We hope you found this article helpful! If you have any questions or would like to explore the Omnilytics dashboard further, feel free to reach out to your respective Client Success Manager.