Business Intelligence (BI) is one of all the go phrases of recent years. It can be recalled as a decision mechanism used by middle or large scale businesses to decrease the costs, to realize the opportunities, to solve the problems, to increase the efficiency etc. But the thing to be highlighted is that BI helps top management executives to make instant decisions.
Changing sectors, however, requires changing strategy tools to be used for those decisions. For the fashion industry, which has its own global and intense competition trends, channels have to be managed while providing differentiated, personalized and recognizable customer experience on a worldwide scale. To do that, executives are dealing with huge amount of data through digital, POS, mobile and social media channels and are trying to optimize them.
This is exactly how Fashionbi’s mission was originated, a way to empower professionals in the Fashion & Luxury business with numbers and insights. Traditionally these industries are creativity driven. The hyper competition and the fast switching from the product to the consumer experience are increasing the importance of data to understand and track the consumer through his life experiences. Simone Lovati, Chairman and Founder said – “The Fashion and Luxury business is no more a product affair is a business model affair based on innovative consumer experiences and rocky branding. Fashionbi is the way to drive the intelligence to the Fashion and Luxury business”.
How does Fashionbi Empower professionals to make smart decisions in the fashion and luxury industry?
It is through the most complete and unique database for this industry. There are three main databases that Fashionbi can brag about:
“Financial Database”, here a user can access to financial results for any brand brand or company in the Fashion, Luxury, Beauty and Sportswear Industry through more than 250,000 data points. This information can be helpful from crafting an academic project to compare and analyze the different performances from brands and companies.
Moreover, there is the “Investors Database” which provides unlimited access to 100,000 data points around any Brand, Company or Market segment in the previously mentioned industries. By looking at this figures professionals can obtain a smart analysis about where to direct future investments and see the share of market performance and strategies of the key brands and companies for each sector.
Furthermore, the “Digital Marketing Database” is for Fashion and Luxury marketers what the magic ball is for a fortune teller! This database offers an unlimited access to 56,000,000 digital data points, which help them to answer key questions like how to achieve clients in the fashion industry? Who are the brand’s loyal influencers, worthy to make a collaboration with therm? The answers are found by analyzing not only the online presence of a brand, but also, information regarding the Key Opinion Leaders's in Twitter, Instagram and Weibo. Brands can easily identify the right person to create product seeding , or collaborate with special campaign.
All the databases can be easily accessed by simply subscribing online, and if there is a need for customized service, there are more offerings that Fashionbi team is able to provide.
Who is the team behind Fashionbi?
The team behind this unique offering is also worthy of commendation. To form an estimate, one can think of a group of smart and sincere fashion experts from multinational backgrounds, the team comes from nine different countries, and it is presided by an innovator who is also an engineer, consultant and lecturer, Simone Lovati. Fashionbi has two major offices in the most important cities for the fashion and luxury world, Milan in Italy and Shanghai in China. This allows the company to have a multicultural team and be up to date in every important happening and trending event around the world.
Generally, what Fashionbi does is to help the fashion and luxury industry professionals to connect the dots. The company is right now focused on the digital media and annual financials, but the plans are to focus next on gathering the pricing and merchandising of Brands to empower not only the digital marketing and PR knowledge professionals but also for the retail managers, communication and sales staff.
Data is only the beginning, the challenge is to connect the dots to generate insights, and this is exactly what this company is offering.
this article is by Gul Baysal, Communication & PR Supervisor and Bermal Ozbay, Fashionbi Contributor
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