A decade ago, WGSN was already a model digital media business, providing in depth trend forecasting at a global level to its corporate retail subscribers, powered by a worldwide network of fashion and style experts. But recently they have taken a major step to launch a data-driven business, which enables them to serve new groups in their subscriber organisations, and combine the magic of editorial intuition with the maths of big data.
I met with Julie Harris, Global CEO, who is delivering a keynote at the SIIA Digital Content & Media Summit on 24 September, to learn more...
“WGSN's trend forecasting service was always essential for designers in large fashion retailers, but we wanted to provide crucial business information to retail strategists, buyers and merchandisers in our core retail clients,” explains Julie.
WGSN have built up their advisory business for retail strategists, and added more workflow tools for designers, but their big move recently has been reaching the buyers and merchandisers who had always been aware of WGSN but didn't use the forecasts as intensively.
WGSN INstock, which was launched last month, is a data-driven retail analytics product. It aggregates publicly available data from online retailers, applies a custom taxonomy, and provides merchandisers with a tool they can use to make instant promotional and merchandising decisions, plus an extensive data-set for longer term planning.
Whilst the data is publicly available, the taxonomy is designed by the content team, drawing on their insight into how the market works, so is unique to WGSN. This is where the maths of big data combines with the magic of trend experts.
“It has been a big culture shift for the content team”, explains Julie, “as we have launched a product where they have no direct involvement in the day to day creation of the content”.
But the real value for WGSN is in the combination of this new data-set and the expert intuition and insight of their content teams gained over 15 years of being the world’s leading trend forecaster. Armed with long-run data, they can prove to new customers that their forecasts result in increased sales; and also check the accuracy of their content team's forecasts. Plus for their advisory work, they can draw on detailed analytics as well as expert views.
With products for retail strategists, buyers and merchandisers as well as designers, WGSN Group can now strengthen its relationships with its subscribers, driving more value and increasing renewal rates. A smart strategy for any B2B business.
WGSN has also been expanding into adjacent retail markets. Its core trend forecasting services are now available in the homewares market with homebuildlife. And sister brand Planet Retail provides an intelligence service for grocery retailers, suppliers and retail technology businesses. This is more “hard” data driven than the trend forecasting of WGSN, but helps retailers forecast sales and build international expansion strategies; suppliers understand retail trends and helps technology suppliers understand their retail customers’ needs better.
WGSN's customers have always expected a global view of trends. But the business has recently invested in local teams and local content, with content hubs in London, New York, LA, São Paulo, Shanghai, Tokyo and Hong Kong. China in particular has been growing its domestic market rapidly, so now has bespoke content, helping retailers and brands design local products.
Julie is convinced that WGSN's new mix of maths and magic is providing far greater value for their retailer subscribers, extending the range of services they provide and securing the long term relationship with their core clients.
There is much that can be learnt by B2B publishers in other sectors about identifying new sub groups in client organisations who could be served with new products. And mixing the maths of big data products with the magic of expert editorial insight feels like a powerful combination.
Julie is giving a keynote address at the SIIA Digital Content & Media Summit, taking place 23-25 September at One Wimpole Street, London, so delegates will get a further insight into how the new WGSN INstock product evolved, and the challenges of running a global media business.
