The beautiful, scary, amazing and conflicting role of data is a conversation that has only gotten hotter over the years. And now with our clothes and jewelry offering access to intelligence about us like never before, the conversation has gotten that much more dynamic.
Welcome to our fifth podcast about fashion-tech from the NRF Big Show event. For this discussion, I was, again, accompanied by my friend and ESPN Exec, James Eshricht. And, again, I had the fortune of hosting a few amazing guests who are shaking the business paradigm and bringing it to new, exciting places.
We kicked off this session with the brilliant and highly fashionable co-founder of Trendalytics, Karen Moon, and her colleague, Amos Chiou. And then we had the privilege of hosting Julie Rodgers Vargas, director, Digital Solutions at Avery Dennison and Andy Hobsbawm, co-founder & CMO, EVRYTHNG (Yep there’s no vowels…I didn’t forget to spell check :)).
Trendalytics is the “moneyball for fashion,” according to Karen. Thanks to the company’s sexy combination of data scientists, engineers and retail experts, Trendalytics can forecast fashion trends based, not on the age-old source of historical data, but on a slew of sources including user searches on Google, social buzz and e-com data. This means they can truly be ahead of the curve. I couldn’t agree more! As you can imagine, I’m constantly surrounded by data. And I love it. But just because data is so valuable, doesn’t mean it’s not all created equal. We have to take into account the source. Historical data is much less foretelling, and, frankly less “human” than data from people’s own search behavior, conversations and activities. The company is only 2 years old but working with a host of retailers. Like so many of our guests, Karen and Amos spoke to the key value of understanding the end-user, i.e., the human element.
Speaking of data, James and I had a quick but captivating conversation with the folks of EVRYTHNG, a company that combines hardware, software and real time data in the form of our clothing. “Clothing is the ultimate wearbable”, they said. (The reason for no vowels? The company provides “only the essentials,” according to Andy.) As you interact with these clothing items, “rules in the cloud trigger analytics” which then give you back something like, let you in to a VIP event with a special invitation, or gifts, and the list goes on.
While I’m a big fan of data, I was a bit weirded out by this notion. After all our clothing is so intimate. As the technology develops, how much of our intimate feelings, experiences, bodily function do we want to emit? I couldn’t hold myself back, I had to push this with the EVRYTHNG folks. Their answer? You can choose what you want to share of yourself. Of course, we all realize that this is a new world, and we’re still navigating it. There is indeed a value exchange. When we give data, we get something in return. It’s only a matter of time when we figure out the comfortable boundaries of that exchange. But there’s no question that the train has left the station and we have to figure out what that means for us.
In a sense we’ve always been using data to understand one another. It may not have been in such large quantities or at such speeds. And int he case of “wearables”, we have learned something about someone through their clothing for ages. When someone wears something of high quality, with particular fabrics from distant origins, we are hit with a number of pieces of data. We know that person cares about his/her appearance, is affluent, and has a sense of the aesthetic. So are times really changing or are we just collecting, analyzing and sharing data in new ways?
Personally, I’m more excited than not about what’s to come and how we can make everything (or evrthng :)) — even our clothing and jewelry –be even greater sources of awe and inspiration for us. And the more we understand this world, the better we can turn it into something valuable vs bizarre.
Please click on these two podcasts to hear more:
Interview with Trendalytics
Interview with Evrthng
And if you want to see us chat, have fun watching this Periscope version. Please start at 25 minutes into the podcast.