Helen Slaven, managing director of WGSN INstock
Hong Kong's fashion retailers are now able to make faster and more informed buying decisions by using WGSN INstock, a market analytics solution from fashion forecaster WGSN.
"As trends can change overnight, a poorly informed buying decision can easily lead to a lost opportunity or cost the business millions," said Helen Slaven, managing director of WGSN INstock.
To help fashion retailers avoid this costly mistake, WGSN INstock provides instant in-market intelligence. The solution enables users - including buyers, merchandisers, marketers and designers - to gather information on more than 250,000 fashion-related products and 3.2 million stock keeping units (SKUs) daily from over 3,000 online brands and retailers.
"With WGSN INstock, retailers can easily track return on investment by analysing price architecture against competitors both locally and in other markets," said Slaven. The solution provides a comprehensive market overview as well as clear graphics - by retailer, product category or sub-category - to enable the tracking of price architecture shifts across the market.
Moreover, WGSN INstock equips retailers with the data they need to make instant promotional and merchandising decisions, as well as a detailed data-set for future planning purposes.
One retailer that is currently using WGSN INstock is Marks & Spencer. According to Jo Hales, buying director of womenswear at Marks & Spencer, the solution has helped the company accelerate response times as well as reduce risks in business-critical buying and merchandising decisions. "My team has the competitor information they need at their disposal [which enables them to] make confident decisions and not waste time."
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