“Data is the new black” was an apropos statement for RichRelevance chief executive officer and cofounder David Selinger to open with given the number of fashion marketers in the audience.
Selinger, an expert in the field of e-commerce data analytics and personalization, may have labeled himself “among the people who are geeky and don’t belong here,” but his services are in demand for fashion retailers ranging from Target to Nordstrom, Saks Fifth Avenue to Barneys New York.
He began his career leading Amazon’s research and development team, implementing the feature that recommends items to buy based on customers’ previous purchases. The program increased Amazon’s annual profits by $50 million in 2003.
“My goal today is to reduce big data down and make it more tangible,” he said of the black analogy, noting that data is timeless, always appropriate and offers a solution when nothing else will do. It also possesses increasing volume, increasing cost for which to store said volume and the ability to derive insights of one’s customers.
“It can redefine our relationship with our customers, and more importantly, it can redefine the way we operate as a business,” he said.
Together with Paco Underhill, author of “Why We Buy: The Science of Shopping,” Selinger identified three attributes of the “superconsumer.” She is more informed, having spent hours on the Internet researching a product before she sets foot into the store. She is also less loyal to brands. “It’s now much more about value exchange and getting the right price and quality, not just the right label,” he said. And, not surprisingly, she is more connected — via computers, mobile devices and social media platforms.
With superconsumers, Selinger said there were several dos and don’ts for retailers. First, figuring out the context of omnichannel, a term he and Underhill coined at the NRF’s 2011 forum to describe the combined multiple ways retail transactions take place. For example, how to credit specific sales associates with customers’ online purchases. Stores can use this information to identify their most loyal and valuable customers when they enter a store, and to find ways to keep them there and get them to buy more. It’s not always about offering a discount, Selinger noted.
“Data is all too frequently confused with coupons and price, but you can also use it to develop a relationship,” he said.
This plays into listening instead of yelling. For example, Selinger noted that Procter & Gamble has 10 employees who respond to all tweets and use the content to change the way it markets to customers.
He advised retailers to be open to testing and optimization, “to blend the art and act of merchandising with the science of data.”
Selinger cited an office goods chain that invested $250,000 in running 25 tests, 20 of which were successful and increased sales by more than $100 million. He also cited the trend toward personalization.
To that end, he advised retailers to not leave their practical instincts behind. For example, sharing a purchase with all your Facebook friends probably won’t achieve much, but sharing a meaningful review with select influencers in one’s network could have major results.
“My mentor Jeff Bezos once told me, ‘At the expense of everything else, don’t focus on your competitors, have a laser focus on your customers.’ With all the data coming at us from every direction, we should focus on the only person who matters, our customer.”
There'll be no rest for those headed to Europe for men's, as Paris just closed the gap with Milan. According to a provisional calendar released by the Chambre Syndicale, Paris Men's Week will now open a day earlier on January 16. See new highlights on the official lineup on WWD.com. #wwdnews #wwdfashion (📷: @kukukuba)
BREAKING: Jonathan Saunders is leaving @DVF. The designer has resigned from his position as chief creative officer of Diane von Furstenberg, the company said in a statement on Friday. At the time of his hire, von Furstenberg said Saunders’ arrival symbolized and facilitated her stepping back from the day-to-day duties that occupy the work of a full-time creative director. The British designer joined DVF in May 2016 and was in charge of all product categories. #wwdnews
For @versace_official’s spring ad campaign, the brand emphasized the archival prints from the spring tribute collection dedicated to the late Gianni Versace. Closing out the show were five of Gianni’s favorite models: Cindy, Naomi, Carla, Helena, and Claudia. Bowing on December 18, the new campaign is yet another tribute to supermodel-dom as the images by Steven Meisel are fronted by @iamnaomicampbell, @cturlington, @gisele and more. #wwdfashion
Four-time Oscar-nominated actress Annette Bening has been waiting 20 years to play Gloria Graham in "Film Stars Don't Die in Liverpool," which will be released on December 29. The movie about Graham – a Hollywood star known for her controversial relationship with a younger Englishman named Peter Turner – is based off a memoir Turned wrote. "She felt vulnerable to him, because she loved him, she really did love him. And anyone that we really truly are in love with, we re vulnerable to in a very deep way," said Bening. Read our full interview with the modern icon of an actress on WWD.com. #wwdeye (📷: @ninebagatelles; Styled by @cristinaehrlich)
The crisp white button down: a staple that can be dressed up or down and accessorized throughout the decades. Here, on a Art Basel-goer in 2017 on the left and on the iconic Audrey Hepburn in “Roman Holiday” in 1953 on the right. #tbt #wwdfashion (📷: Andrew Morales)
Known for her work with @victoriassecret, 25-year-old model @georgiafowler is raising her profile in Hollywood. Fowler stars in @vincecamuto’s holiday campaign, which launched in partnership with “Pitch Perfect 3.” “Almost every shoot with Vince Camuto, I’ve had to face a fear…It was definitely a challenge. I’m so grateful for it, though. I’ve always wanted to be a pop star, so that was the perfect chance,” Fowler said. Head to WWD.com to read about Fowler’s experience modeling, including at the #VSFashionShow, and her relationship with Nick Jonas. #wwdeye (📷: @jilliansollazzo)
EXCLUSIVE: Huda Kattan just became the first beauty influencer to land a major beauty deal. Kattan's business, @hudabeauty, has received a minority investment from private equity firm TSG Consumer Partners. The brand, which industry sources say is on track to do $200 million in retail sales for 2017, will receive support on product, retail and geographic expansion through the deal. Get all the details on the deal and read @_a_collins' interview with Kattan on WWD.com. Link in bio. (📷: @jgreenery) #wwdbeauty #wwdnews
Peruvian model @juanaburga_official – who is known for walking the runways of @rodarte, @viviennewestwood and @torybuch – is making the move to the big screen with drama “Los Últimos.” The film premiered in Argentina in November and arrives in the U.S. and Europe in 2018. On making the switch from modeling to acting, Burga told WWD: “It’s a completely different thing – a lot of people think it’s similar or try to connect things, especially like getting used to the camera or being looked at all the time or playing these different characrers, but film is a completely different story.” #wwdeye (📷: @jgreenery)
London’s newly opened @designmuseum will look back on the life and work of Azzedine Alaïa in a show that the designer helped to curate before he died of heart failure last month. The retrospective, which Alaïa had worked on with Mark Wilson, chief curator of the @groningermuseum, will look at the impact of his work worldwide. The show, “Azzedine Alaïa: The Couturier,” will run from May 10 to October 7. Read more about the exhibit on WWD.com #wwdnews #wwdfashion (📷: @zefashioninsider)