Brain Waves Predict Success of New Fashion Products: A Practical Application for the Footwear Retailing Industry

Author:

Baldo Davide1,Parikh Hirak1,Piu Yvonne2,Müller Kai-Markus1

Affiliation:

1. The Neuromarketing Labs, Germany.

2. Managing Director, Corti/Jello/Shoe4You, Leder & Schuh AG, Austria.

Abstract

Every year, retailers launch a myriad of new products. The success rate of such new products directly influences a retailer's success in terms of gross profit, customer loyalty and brand image. In the past decades, many self-report and focus group based methods were implemented to gain insights in future market performance of new products. However, social psychology and market research studies have established that self-reports are unreliable to accurately predict customer preference. In this article, we propose a novel approach based on brain data to forecast product performance and discuss the importance of pre-market forecasting in the footwear retailing industry. We implemented and validated the tool in collaboration with a European shoe store chain. This case study showed that self-report based methods cannot accurately foretell success, while using brain data the prediction accuracy reached 80 per cent. We also compared how these two different methods might influence company gross profit. Simulations based on sales data showed that self-report based prediction would lead to a 12.1 per cent profit growth, while brain scan based prediction would increase profit by 36.4 per cent. Thus, this innovative neuroscientific approach greatly improves brand image and brings considerable value for organizations, shareholders as well as consumers.

Publisher

SAGE Publications

Subject

Marketing,Business, Management and Accounting (miscellaneous),Business and International Management

同舟云学术

1.学者识别学者识别

2.学术分析学术分析

3.人才评估人才评估

"同舟云学术"是以全球学者为主线,采集、加工和组织学术论文而形成的新型学术文献查询和分析系统,可以对全球学者进行文献检索和人才价值评估。用户可以通过关注某些学科领域的顶尖人物而持续追踪该领域的学科进展和研究前沿。经过近期的数据扩容,当前同舟云学术共收录了国内外主流学术期刊6万余种,收集的期刊论文及会议论文总量共计约1.5亿篇,并以每天添加12000余篇中外论文的速度递增。我们也可以为用户提供个性化、定制化的学者数据。欢迎来电咨询!咨询电话:010-8811{复制后删除}0370

www.globalauthorid.com

TOP

Copyright © 2019-2024 北京同舟云网络信息技术有限公司
京公网安备11010802033243号  京ICP备18003416号-3