May 3, 2016 | Written by: joseph kearins
Categorized: Business Design
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Announcing the new IBM iX study about social media in fashion:”Data is Fashionable“.
The fashion industry has seen a lot of disruption over the last few months, with several major announcements that will impact customer experience, supply chains, and broader talent and business operations. This is in response to the realisation that the industry’s business model was not developed to accommodate the way consumers socialise and shop today – let alone how they will in the future. You can read a little more detail in my blog series here.
A huge source of disruption in the fashion industry is, of course, social media. Using the data of almost 1,000,000 tweets about fashion and interviewing representatives from 10 luxury brands, some of our IBM iX team members in Italy have produced a really interesting study on how social is being used in the fashion industry, how brands plan to use it in future, and how critical data from social channels will be for improving customer interactions.
In this IBM iX study, we give our own perspective of how the industry needs to move forward to get the most out of social.
Personally, I have been fascinated by some of the findings. On average, brands plan to quadruple social media spending as a percentage of overall marketing budgets. That’s huge, but the findings also show that many brands have difficulty aligning their communications with the conversations that consumers are having on social media, which limits customer engagement and advocacy.
The business of fashion has experienced extreme change in recent years. The veneer covering the industry is slowly peeling away and exposing the industry to the consumer more directly, with smartphone content generated up and down every runway at Fashion Week and shared across the world in moments. The way technology has changed the relationship between the fashion industry and its consumers is monumental.
To see more detailed findings of this great study, read the full report: “Data is Fashionable”.