In a recent fashion panel in the city, designer Anita Dongre mentioned that judging the right time to launch a product or idea is always a matter of gut. "For the rehearsals we do, it's data but for everything new, it has to be guts."
"It's actually so subtle. You can't be too early. There are often ideas that I presented that were not accepted, they failed and then two years later everyone suddenly wants them. That's it (fashion). You can't be too early, you can't be too late. You have to decide when is the right time because you also have to wait for that. idea becomes a trend and acceptable to all. "
Asked about the amount of data generated by the data and the amount of intestines, Dongre replied: "I think it's 80% of gut." I still work with (my) gut.
Chasing the numbers
For Manish Taneja, co-founder and CEO of Purplle.com – an online beauty and personal care business, the equation is reversed. The company, which launches an average of 150 products per month, uses data to predict which of its products in which categories will be most popular.
"Sometimes we fail to quantify the size of the market we are looking for or we try to be a bit easy with ourselves, but more often than not I think if it goes through data, in our case at least we can very, very accurately predict the sales that we expect from a shampoo or a night cream or lotion or serum. "
Makeup, on the other hand, tends to be a little more difficult to predict, said Taneja. "It's hard to predict which colors would do well this season in India and I think that's where probably 80% of the data is – 20% casings."
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Finding the right balance
Devangi Parekh, director of the boutique fashion chain Aza Fashions, likes to find a balance between the two.
"Data is extremely important for understanding each of the cities – what is the demand there, adding products in which categories, etc. But when it comes to trends like the flounces are going to be huge, will the neon colors be trendy, the fanny packs back, etc. , it's a question of timing; you have to be ahead of the curve but not too early. It is definitely a matter of the gut at the end of the day. "
Parekh thinks that if listening to data is a good thing, that's what drives companies to the next level. "If it was only data, then you would stay where you are; you wouldn't be the next big thing. To move on to the next big thing, a little gut is needed. "
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