How Machine Learning Delivered 355 Million Size Recommendations in 5 Days.
The trends across retail and e-commerce continue to evolve every year. After a busy week of Black Friday and Cyber Monday, changes in the industry became even more clear. This year brick and mortar retailers saw a steady decline in foot traffic. Customers turned to online shopping – through both mobile and desktop. Purchases through mobile devices saw a 21% increase from last year. Mobile accounted for 39% of all e-commerce sales – totaling $2.9 billion in sales from smartphones alone (source: Retail Dive). According to the Shopify Plus Fashion Industry Report, retailers are driving growth through machine learning, artificial intelligence, and personalized customer experiences.
From small online t-shirt stores to booming international brands, the holiday season is a defining part of the e-commerce year for anyone selling fashion online. With Black Friday and the Christmas period typically accounting for nearly 20% of yearly sales, it’s also a time where you need your consumer targeting to be absolutely on point – small percentage changes drive outsize revenue over this period.
With an election cycle in full swing, Millennials (those born between 1980 and 2000) have been dominating the headlines over the last twelve months, and we suspected that they might be playing a hugely significant role in retail results as well. We deal in data rather than best guesses at Fit Analytics, so we decided to dive into the numbers for some definite answers. Continue reading “3 Reasons Why Millennials Should Be Your Key Holiday Target Market”