Fashion 411: The future of fashion retail with Omnilytics
Where fashion and tech meet
In a digital age where data is increasingly being valued, how has this shift influenced the world of fashion? Like trend forecasting, fashion analytics is similar as they are both data driven. Both use data as a marker for prediction, but the latter uses data in real-time.
We spoke to economics experts Sylvia Yin and Barry Ooi from Omnilytics to learn more about the world of fashion analytics. So, what exactly does a company that focuses on fashion and analytics do? To put it simply, Omnilytics collects data from fashion websites across the globe (to date, they are monitoring approximately 75,000 brands), analyse the numbers and data, and make sense of it. Examples of what they're looking at: price points, sizing options, style and colour preferences, etc.
The data is extremely useful especially if you happen to own a fashion business, as Omnilytics steps in by providing a visualisation of what consumers want. Bessie Ye, founder of Singapore label Rye says, "Omnilytics helps us to gauge the market and ensure that what we are putting out there are not just the right products but also products set at the right price."
With access to all this information, we also quizzed Sylvia and Barry on how Malaysians are shopping and how we fare against our foreign counterparts. Are we shopping the same way a shopper is in Singapore? What are some of the key trends that's moving fashion on a global level? And how much would a Malaysian be willing to spend on a hijab?
Listen to the full podcast below: