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They know how you can hire great staff, improve your people’s skills, promote deserving individuals, and terminate employees that do not serve you well. They are knowledgeable in proper placements of your products and better store locations, skilled in amplifying your branding and messaging, and up-to-date in all of these retailtrends.
Armed with this knowledge, you can infer when your competitors will be launching their campaigns and plan your own accordingly, to maximize the ROI of your promotions. We can use this to spot markdown patterns across the handbag category by comparing similar discounts between brands and retailers.
In today’s landscape, when a new fashion retailtrend latches on, companies need to have the ability to make the right decisions quickly. Retailers have found that machine learning and predictive analytics is a game changer which is leaving slow to adapt competitors far behind. Often minimizing markdowns in the process.
This speaks to the fact that ultra fast fashion brands have not only been ahead of the curve on emerging clothing trends but also on the power of influencers before they became as widely used as they are today. If you do subscribe to our retailtrends newsletter to get the latest retail insights & trends delivered to your inbox 3.
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