Retailers are turning to consumer driven data to maximise their profits. Startups like Black Swan have a huge role in collecting data to predict consumer behaviour and trends through Articial Intelligence.
Black Swan is a London-based start-up that hoovers up data from social media, online forums, product review websites as well as other sources and then analyses it to define what consumers want.
Understanding what consumers want through artificial intelligence is a goldmine for big brands. It could guarantee revenue growth in the long run and make marketing strategies more profitable.
A perfect example of a brand democratising retail through AI and consumer driven data is Choosy. With an almost flawless AI integrated business model, Choosy produces all its items based on consumer choice. They ask, listen and deliver.
Using AI and polls on Instagram stories, they analyse the latest trends and produce designs based on consumer behaviour. It's a simple but effective business model that is not only tech-enabled, but sustainable.
THE FIT TAKE: If all fashion houses were to adopt a consumer-data driven approach, customers could be more intentional about their purchases-- what an ideal world!