Data Analysis In Apparel Industry

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REPORT on Data Analytics can help Retailers know Consumer Behavior Submitted by: GROUP - 7 Pratikshya Sahoo Raj Karan Marhas Moumita Saha Keshav Tyagi Data analytics…show more content…
They can use this data to determine how to strategically segment the target market in order to predict future behavior and meet all retail goals. APPAREL AND LIFESTYLE INDUSTRY Apparel is one of the basic necessities of human civilization along with food, water and shelter. The Apparel Industry reflects people’s lifestyles and shows their social and economic status. The Apparel and Textile industry is India’s second largest industry after IT Industry. At present, it is amongst the fastest growing industry segment and is also the second largest foreign exchange earner for the country. The apparel industry accounts for 26% of all Indian exports. The Indian government has targeted the apparel and textiles industry segments to reach $50 billion by the year…show more content…
For changing fashion, businesses need to change their strategies accordingly. For these changes, the business needs to know how the consumer behaves with the changing fashion. Fashion changes every now and then, so the company needs to be updated with all the current statistics. For these data the various data analytics tools are required. Thus there are many techniques which many companies have come up with. It can be analytical, descriptive etc. For example data says that the online sales have grown by 16.1 % from March 2010. But off late we can see that data analytics are helping retailers to know the consumer behaviour. As we said earlier in the case of online retailers, they get to know what their potential customer is looking for and thus in turn we see that the companies pop up or recommend those items only which the customer might or will be interested in. Data analysis take a major role in the apparel and lifestyle sector, as people have varied interest and it differs from person to person and time to time and moreover this sector has a large consumer base and lot of revenue comes from this sector. But we can see that every aspect has some advantages and disadvantages so does the data analysis area, there certainly are some pros and cons. We can see that providing consistent information is a tough task and it is not always that a data will be able to provide everything, this certainly is a big disadvantage and moreover we see

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