How Social Media Drives 'Fast-Fashion' Decisions

In the world of fast fashion, social media can be both bane and salvation for manufacturers and retailers. Clearly, they are hoping it's the latter. Much press has been devoted to the negative impact of social media on products and brands. But there's a significant upside as well #150; provided that companies know how to exploit it. Handled properly, social media can be a rich source of intelligence on ever-changing consumer tastes, helping to determine products, styles and quantities that are right for the marketplace. On this episode, we speak with Peter Akbar, vice president and chief customer officer for fashion with SAP. He says companies need to be paying close attention to social media, which have the power to influence every step of the merchandising supply chain, from forecasting through manufacturing, distribution and final sale. Fashion companies, he says, ''are likely highly tuned race cars.'' Even the slightest edge can prove instrumental to a product's success. He also discusses how companies can integrate social media with their traditional forecasting and planning methods. Bottom line: ''Companies need to start believing in social media.''