Brands including Ralph Lauren, Sperry, Lucky Brand, MM LaFleur and True Religion are turning to a predictive analytics platform called Makersights to help inform their product design and development.
Think of a traditional focus group where learnings are high, but costly and slow, and then tip it into the digital, mobile or indeed machine learning age and you’re on the right page. This is a business that pulls information at scale from customer insights, then applies actual sales data and machine learning to that feedback. They call it “actionable product intelligence”.
According to the team, the aim is to help brand partners develop more accurate sales plans, de-risk new product introductions and measure how customers respond to product attributes like fabrics, colours and price. It’s already seeing a 2-4% gross margin lift for its partners based on minimising markdowns and doubling down on big winners.
As Bryan Fogg, VP of global customer intelligence and experience management at Ralph Lauren, says in a press release: “MakerSights allows us to better understand how design details and product attributes resonate with our customers to help inform our product decision making. Our goal is to create products our customers love, and MakerSights helps us to do that with more confidence by engaging our customers directly.”
The interesting thing is what all that says for the role of data and creativity in today’s design businesses, and just how much the future really can be shaped by data science.
I sat down with Matt Field, co-founder and president of MakerSights, to find out more. Head over to Forbes to read the full story.