Will MillingPI - Fashion's Technology…•6K followers

Secret to Boost Sales #digitaltransformation #fashion #fashiontech #assortment #firstinsight

Name: Secret to Boost Sales #digitaltransformation #fashion #fashiontech #assortment #firstinsight
Uploaded: 2025-01-24T10:42:24+00:00
Duration: 58 s
Channel: Will Milling
Description: In this brief talk, the speaker argues that productivity in fashion retail can be significantly improved by reducing product assortment and leveraging…

24 Jan 2025 · 1 min

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In this brief talk, the speaker argues that productivity in fashion retail can be significantly improved by reducing product assortment and leveraging technology. He cites a 1989 case where a buyer cut her department’s assortment from 100% to 25%, redirected the freed budget into a more focused category, and consequently became the company’s top‑performing and most profitable department with the highest sales growth. The speaker stresses that such assortment‑reduction strategies must be validated rigorously with consumers, as success depends on getting the thesis right and earning consumer reward.

Chapters

How does productivity improve in the use of technology? In my fundamental opinion, if we all admit to ourselves that we are over-assorted, you can actually sell more with less products. I'll give you a use case from 1989. That's a long time ago. A long time ago. I had a buyer in 1989 who became the buyer of the year, took her assortment, to— from 100% to 25% of her assortment, took all the dollars and invested in a less— a more focused category assortment, became the number one profitable department in the company, had the number one sales increase in the company. It works. You just have to be right. And the challenge is you've got to test those thesis. With the consumer in a very rigorous way because they'll reward you for it if you are right.