Textile Industry Anticipating Big Revolution with Data Visualization & Analytics
Textile industry is not lagging behind at all in technological advancement. A huge amount of both data and clothes is being produced across the globe every single minute. In a way, it tells us the complicated relationship evolving between the textile industry and ever-increasing size of global datasets associated with the sector.
And that’s exactly where the power of ‘Data Visualization & Analytics’ may come forward to help the textile industry worldwide in making the best out of data being created in the world every moment.
Textile Industry facts
According to some experts, the global clothing and textile industry – encompassing clothing, textiles, footwear, and luxury goods exceeded $2,500 trillion today. The apparel, luxury goods and accessories portion of the market, which accounts for over 55% of the overall market, is expected to generate around $3,500 billion in 2020, with a yearly growth rate in excess of 4%.
Till some time ago, predicting consumer demand for textiles had been the domain of self-styled ‘experts,’ focus groups and relatively unsophisticated models based on a sample data. Collecting and then analyzing actual preferences from potential customers was just too costly and hard to do. This has evolved with the realization that Data Visualization can positively change the world of textiles as we know it today.
As we collect and analyze far more data about people’s interactions, individual preferences will become much better known, more comprehensively and in greater detail than ever before. That provides valuable insights for the textiles industry, from what products might perform best, in general, down to what will likely sell well in which store locations, what products are successful when placed next to each other and how to optimize retail experiences.
Data Visualization & Analytics
Data Visualization & Analytics may be used to predict customer preferences. The numbers can help designers identify in which direction to go, where to push harder and how to excel in satisfying customers. The predictive insights can enable brands to pick the most promising creative talent earlier and with a better success rate.
Marketing and advertising may become more efficient, too. For instance, advertisers today rarely know how well billboards are working, because we have little actual data about how many people look at these ads. Looking at another aspect of the textiles world, numbers are becoming as valuable an ally as mentors or critics are to textiles designers. What happens after a textiles show or an event? How is success measured?
With Data Visualization & Analytics of course! Data helps designers in comprehending how, when and where to sell apparels. It also provides easy access to resources that are necessary for designers to be successful.
A very important data point is the online textiles portals and marketplaces. These websites generate vast amounts of data that can be analyzed every minute. The ultimate goal is to find out what is bought, seen, preferred, etc. With each click, people are creating separate data histories, especially for the textiles industry. This can be studied to predict the future of textiles.
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