Retailers should focus more on social platforms for accurate trend forecasting

New Ideas in MarketingEssential news for marketers, summarised by YouGov
September 23, 2021, 5:02 PM GMT+0

Unlike old times, anyone with access to social media and a sartorial vision has the potential to become a trendsetter now.

Fashion trends are being increasingly driven by visual social media platforms like TikTok and Pinterest. This trend is being picked by major brands, with social media influencers now being invited to high profile shows and events. For instance – at New York Fashion Week, popular TikTokers joined journalists and celebrities at shows like Tommy Hilfiger and Tom Ford.

To accurately forecast trends and accordingly plan marketing activities, retailers must dive deep into social media conversations, brand mentions and industry discussions. They need to use social listening tools to identify micro-trends, gather cultural context and audience data – necessary for starting conversations on social platforms, connect with prospects, shape products/ services, and make informed inventory decisions.

Paying more attention to social platforms can help retailers stay in tune with their target audience. It can provide marketers with information about micro-trends and cultural context about their prospects. Additionally, while memes on social platforms can give quick laughs during work breaks, this funny micro-content can also be a powerful forecasting tool.

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