Using data to learn about a customer and market in a meaningful way strikes me as one of the biggest competitive opportunities in retail still available. Consumers don’t just wear brands, they own and live them, and they are telling the world what they want through Facebook, TikTok, Instagram, YouTube, and blog sites… but are brands listening?

The rewards are significant because retailers can then act in near real time based on what they are seeing on particular spending trends so they can make seasonal product drops rather than holding stock for months ahead. They can identify their full price shoppers as opposed to discount-only shoppers, and play to their strengths…