NEW YORK--(BUSINESS WIRE)--WGSN, the world’s trend forecaster, today announced WGSN INstock, a new online analytics system that will revolutionize the fast fashion retail industry.
WGSN INstock provides fashion retailers critical market intelligence which informs business-critical buying and merchandising decisions. The system is intuitive to use and has been designed to become an invaluable tool for key decision makers from the boardroom to buyers, merchandisers, and designers.
The taxonomy and interface has been built by WGSN experts, many of whom were former senior buyers and merchandisers at large retailers. The service, part of a £10million investment, is intended to be used in conjunction with WGSN’s trend forecasting service.
WGSN INstock launches with the e-commerce product catalogues from a number of influential retailers and thousands of brands in the UK and North America and delivers data to desktops in one super-fast online application. With millions of records compiled daily, WGSN INstock enables users to view complete product ranges and to track key market metrics in an instant.
WGSN’s biggest womenswear retail customers currently rely on manual market monitoring methods known as ‘comp shopping’. By the time the data is digested and presented, it’s out of date and the customer and the market have already moved on. The WGSN INstock system will give a market-wide view of which retailers are backing what trends right now and save significant time and money by reducing the need for manual information gathering. WGSN INstock currently reports on over 250,000 products and more than 3m SKUs daily, enabling users to optimize their in-season trading and forward plan effective stock ranges.
Caren Downie, Fashion Consultant and ex-Buying Director of Asos.com and TopShop, said: “Keeping track of the market is vital to ensuring you give your customer the best offer possible. Now that things move so quickly businesses are spending an increasing amount of time and resource trying to gather up-to-date information. If this product does what it says it will then buying and merchandising professionals at all levels will be able to concentrate more on true trading issues.”
Julie Harris, CEO, says: “WGSN has built a global reputation for knowing what’s new and what’s coming next for style-driven consumer brands. Fashion is becoming ever faster and technology enabled savvy shoppers are able to check the cost of every product with just a few clicks. We know a poor buying decision can cost a retailer millions so have built WGSN INstock in anticipation of our clients’ need to serve customers better, minimize risk, avoid late to market ranges, over-stock and low sell-through rates.”
WGSN today also unveiled a new look – the first since the launch of the brand 15 years ago – and a new market facing name - WGSN Group - encompassing the WGSN, Planet Retail, Homebuildlife and WGSN INstock brands.
The change of market facing name reflects our commitment to leading the evolution of trend forecasting, intelligence and analytics. Our long-term growth strategy is built around new and existing product development, to better meet the changing needs of our customers in our core style and retail market.
Julie Harris comments: “Being part of a successful, growing Group that bring in-market information and future intelligence to the biggest and most influential commercial organizations in the world has enabled WGSN Group to invest in excess of £10m over the past 18 months in – among other things - new technology, new services, infrastructure, talent & training.”
Notes to editors:
WGSN INstock has four key features:
- Comp shopper – in an instant users can view other retailer and brand information including: SKU price, date, colour and product category
- Colour mix visual data – easy to read graphical representation of other retailers lines by colour mix
- Visual data on price architecture
- Visual data on product ranges
WGSN INstock contains product information from many of the world’s largest and most influential retail brands, including:
- Abercrombie & Fitch
- Ann Taylor
(All are WGSN existing customers)
WGSN Group partnered with global brand agency venturethree to develop its brand strategy and identity.
WGSN has built an enviable reputation for extraordinarily accurate trend forecasting over the last 15 years. The company’s deeply knowledgeable specialists around the world harness WGSN’s unique evidence-based methodology to deliver specific market, brand and product direction, up to five years ahead. The company provides actionable, timely analysis of fashion season trends in apparel, design, accessories and interiors through online subscription and increasingly custom research to its growing customer base. www.wgsn.com