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CAPABILITY


Improving product success in fashion and retail

INNOVATING RIGHT:

RECOGNIZE TRENDS AND QUICKLY
RESPONDING TO CONSUMER NEEDS


It has never been easier for startups and new product concepts to find a consumer base ready to wear, taste or try new ideas and products. This is resulting in a big hit to market share and revenues for the largest CPG and fashion players.

Goliath companies have long realized that a gap exists between the innovation present in startups or “lab” environments to what is produced in large corporate R&D departments.

Although companies like Shinola, MeUndies and Blue Apron each have radically different business models and channels, they have all found a way to tap into unmet needs through unique channels, distribution models and killer offerings.

Enter Kurt Salmon’s approach to innovation: get close to consumers, recognize trends and quickly respond to their specific needs.

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TECHNOLOGY IS FINALLY HERE TO HELP

Today, technology and predictive analytics are a tremendous help in picking tomorrow’s winning concepts and ideas. The ability to classify consumers by recognizing trends and their fashion preferences and shopping habits helps brands predict future success. This feedback and analysis can help improve pricing effectiveness and cull losing products early. Plus, these predictive tools can help companies understand which new categories represent the best opportunities for additional products or line extensions.

Another huge benefit: The technology investment is minimal and leverages many of the tools and data streams already owned by most corporations.

Here’s a quick snapshot of how we worked with a $1 billion footwear retailer:

  • Identified $8M to $10M in incremental sales by combining consumer feedback with speed

  • Producing products within 30 to 75 days

  • Adding additional units of existing product and introducing new colors, materials and trends where needed to effectively capitalize on a winner

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