Unlocking business value through digitalized products.
How digitizing products transforms decision-making. Understand lifecycle value, reshaping strategies. Bencha's data-driven approach aids resale strategies and sustainability.
Today, fashion companies are contemplating the shift toward digitizing products, recognizing its vast benefits in maintaining control, meeting regulations, and staying competitive. Understanding a product's value throughout its lifecycle, especially in terms of resale, is a crucial advantage.
Unlocking Value through Digitized Products
In today's fashion scene, many wardrobe items often go underutilized. Digitally tracking products offers a comprehensive view—from creation to resale—providing businesses with a deeper understanding of their genuine worth.
An inventory detailing specifics like category, condition, resale price, and geographical data unveils the cumulative value. Armed with this knowledge, businesses can make informed decisions about retention, resale, or eco-conscious disposal.
Leveraging tech tools such as digital IDs and advanced inventory systems further refines asset tracking, offering market insights for demand forecasting and optimized production.
Prioritizing quality and long-term vision, especially in integrating resale values for customer loyalty, offers significant benefits for profitability and sustainable practices. This approach not only lessens environmental impact but also positions the business with a competitive advantage.
The Three Pillars of Digitized Products
- Enhanced Resale Potential: Digitizing garments streamlines the process for potential resale. Through digital records detailing product specifics, from brand and condition to original cost, companies can seamlessly assess each item's resale value. This enables swift and informed decisions on which products are suitable for resale, simplifying the entry into secondary markets.
- Improved Inventory Management: Digitalizing garments allows for precise and comprehensive inventory management. With digital records, companies can effortlessly track and monitor their garment lifecycle, making it easier to identify slow-moving or excess inventory. This, in turn, enables better decision-making on markdowns, promotions, or resale strategies for surplus stock.
- Customer Engagement and Personalization: Digital garment records facilitate personalized customer experiences. By capturing details such as style preferences or past purchases, companies can recommend complementary items or suggest resale options tailored to individual customer tastes. This fosters stronger customer engagement and loyalty, encouraging repeat purchases and potential resale participation.
In essence, digitizing garments not only streamlines the process for potential resale but also enhances inventory management efficiency and enables personalized customer interactions, thereby driving both sales and potential resale opportunities.
Guiding Sustainable Transformation
At Bencha, we facilitate this transformation. Utilizing our vast database of over 350 million data points, we guide brands in optimizing resale strategies through digital twinning and circularity reports. This empowers informed decisions, process streamlining, and a commitment to sustainability.