SoundOut Retail, a predictive analysis company and WGSN, a trend forecaster, have partnered to develop a customer insight tool. The new service, which will enable fashion brands and retailers to better predict best-selling items before they hit stores, is set to be a game changer for the industry and will launch in early 2015, the companies claim.
This new product for the fashion sector is being built by SoundOut and WGSN, and will be powered by SoundOut’s prediction software system. The new fashion tool will give retailers the ability to test consumer reaction to key variants including: new products, collections, colours, sizes and prices, as quickly as overnight.
In an industry where trends change on a daily basis and buying decisions can make or break a business, WGSN said it already inspires and validates the design decisions of its more than 75,000 users around the world. When the new service launches, WGSN customers will have fast access to a research tool to guide what will sell and what won’t – with complete confidence and clarity, the company claims.
SoundOut’s technology links to hundreds of thousands of trusted reviewers who provide fast, honest feedback on new products. Responses are analysed and presented in a detailed, actionable format, enabling the data to be viewed from multiple perspectives.
The partnership with WGSN signifies SoundOut’s official foray into fashion, having already conquered the music industry, where its software is now used by almost all major UK and US record labels and radio stations, to predict the hits before they are released.
The new service will initially be available in the UK and US, with roll out anticipated in additional global markets over the following months.
David Courtier-Dutton, founder and CEO of SoundOut, said: “We are delighted to partner with WGSN to bring our innovative solution to the fashion industry. Like us, WGSN are pioneers in their field, so we are hugely excited to combine their expertise in fashion trend forecasting with our sophisticated platform. Together, we can jointly offer clients a truly unique product to help them better respond to the ever-faster business of fashion with clarity and certainty.”
Duncan Painter, CEO Top Right Group, said: “We are constantly looking at ways to offer a better service to our Clients. We have an innovative product roadmap and also partner with leading companies, such as SoundOut, when the technology on offer is truly unique and outstanding. We are looking forward to offering this tool to our Clients next year.”