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Pricing With Fashion Retailers Coursework

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Updated: Jun 15th, 2022

The article by Salfino (2020) aims to present information on the opportunities for fashion retailers to use artificial intelligence (AI). In terms of COVID-19, customers wait for safe and convenient online shopping to meet their needs. In turn, e-commerce should be developed with AI through various unions and partnerships. Since a significant drop in sales by 20% in April, the market faces the tendency to improve. However, compared to other retail sectors, fashion retail seems to recover slower, and current pricing strategies should be changed to improve the situation. In this connection, the retail technology system should be taken into account, which would help in recovering in a long-term period.

Based on the data from Deloitte’s State of the Consumer Tracker, the author states that 58% of customers prefer online shopping to pick up clothes in a store or curbside. It is also mentioned that the global pandemic makes fashion retail unpredictable, while the use of AI can help in anticipating the trends and setting prices accordingly. Compared to the traditional analysis of data, machine learning and artificial intelligence seem to be important for better understanding customers’ preferences and buying behaviors. It is especially important in the context of pandemics to remain aware of what exactly customers want. The key to success in price setting and approaching customers more effectively is focusing on the transformation of non-transactional data into some analyzable form. In addition, information received by AI should be available to operational management and executives. In the future, analytics states that more and more customers will make purchases online, which requires reconsidering the way of fashion retail pricing in these changing conditions.

Reference

Salfino, C. (2020). Sourcing Journal. Web.

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IvyPanda. "Pricing With Fashion Retailers." June 15, 2022. https://ivypanda.com/essays/pricing-with-fashion-retailers/.

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IvyPanda. 2022. "Pricing With Fashion Retailers." June 15, 2022. https://ivypanda.com/essays/pricing-with-fashion-retailers/.

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IvyPanda. (2022) 'Pricing With Fashion Retailers'. 15 June.

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