It seems every brand now has a presence on social media, but most are missing out on a major opportunity.
Facebook and Twitter provide a great platform to engage with fans and customers, but the possibility of using social platforms for product development is virtually untapped.
Americans alone spend a staggering 906 million hours a month on social networks, so the web has created (essentially) the worlds largest real-time focus group. Advancements in garment production and the opportunity to react quickly to market trends can markedly reduce markdowns and stockouts and thereby increase profits.
So why do brands and retailers miss out on the opportunity to capture and analyze these opinions?
Check out our latest whitepaper to find out.
If you have any questions or comments about the future of social media data for product development, we would love to hear from you, drop me a line on [email protected].