An article in The Business of Fashion on "Fashion's Golden Opportunity With Older Shoppers"... Is total and complete BS. There is an opportunity across ALL shoppers. Dividing them up by descriptors that have been used for decades is just not going to cut it anymore. While teaching fashion marketing at Fashion Institute of Technology last Fall, there were modules on generations and how they spend, how they consume information, etc. I had to add caveats to each statement in the textbook because you can't make these types of assumptions anymore. This is an old school way of marketing. We can't put customers into these buckets anymore as there are so many other data points to consider. The affluent customer shops at Walmart, Target and Costco Wholesale. The tech boom will go through another cycle and you will have more younger customers with disposable income. Resale luxury is bought by Gen Z to the boomer. Generalizing is a wasted effort and it's what gets retailers in trouble with excess inventory to irrelevant product assortments. The customer has evolved across generations and we need to stop generalizing to avoid marketers look at the data in just 1 way. #retail #retailnews #fashion #fashionmarketing #bof
Well said and always to the point!
Richard Kestenbaum since you've wrote on this before.
Yes, yes, and yes! There are so many ways to slice and dice data now. The little nugget to exploit is not going to be as clear cut.
Liza great insight as what is incorrect with putting people into separate boxes
Top Retail Voice by NRF | Director Partner Marketing for Retail & CPG at Microsoft | Podcast Host & Producer | RETHINK Retail Top Retail Expert | RetailWire BrainTrust
11moThank you Liza Amlani for defining exactly why every brand and retailer needs a personalization strategy and the right technology to deliver it. It's become table stakes and you just outlined exactly why this is so - demographics are nice, and yes, you need to understand them, but the fact is people are individuals and they want to be treated that way when they engage with a brand! Generalizing is the easy way out of a complex challenge, and not the winning solution.