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Five lessons for moving at speed in the digital world

For the fast-moving fashion industry, innovating at speed is crucial. Fayez Mohamood, CEO and co-founder of retail marketing platform Bluecore shared his tips with the Drapers Digital Festival.

1. Speedy responses are key to customer retention, but it can be difficult to act quickly.

“High-velocity action is critical in fashion and footwear,” said Mohamood. “Data insights are there to help make decisions. Real-time insights exist, but it is difficult to turn them into real-time action.”

2. Connecting data is the key to facilitating fast action.

“If things aren’t connected, scaling becomes difficult and expensive,” he said. “Identity data, behaviour data (what are people searching for), and product data often all sit in different places and systems.

“When you have disconnected data from the product catalogues, audiences and campaigns, you don’t have the information you need to turn around actions quickly enough [to see responses]”

3. Move away from a “task-based” approach to a “goals-based” approach to encourage speed.

“We need a fundamentally different approach to achieve speed,” Mohamood explained. “In a goals-based world, you are focusing on optimising for consumer experience based on business goals. Ultimately, it is about putting the products customers love in front of them based on the behaviours you have seen.”

4. Make data more accessible to encourage action: “Product detail should be accessible to anyone in the organisation who may find it useful –  not just a snapshot, but the data and history of the product across time. Pricing changes, category changes – this information should be used to drive towards business goals.”

5. Specificity and personalisation drive results: “When you are specific [with marketing emails], the results are dramatically different from using high-broadcast campaigns, making a difference to retention figures. Personalisation is really effective for retention, but 63% of marketers say it is extremely difficult.”

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