WGSN, a global foresight business specialising in consumer, fashion and design trends, has announced the inclusion of retailers and e-tailers from India on WGSN INstock.
WGSN INstock is an online retail analytics system that provides fashion retailers with fast, in-market intelligence to inform business-critical buying and merchandising decisions. The system tracks over 40m products from 12,000 brands and retailers in UK, US, Australia and Spain and will now include retailers from India. The first retailer to be added to WGSN INstock is YepMe, an online shopping company.
“The $585bn Indian retail market is expected to become worth $1tn by 2020, out of which approximately 10% is fashion and apparel retail alone. This exponential growth of retail in India makes it one of the most important markets for WGSN INstock,” comments Dan Cotton, Executive Vice President, WGSN Asia-Pacific.
“As fast-fashion becomes ever faster, the need for on-demand data to be in the hands of decision makers becomes ever more critical,” he adds.
WGSN INstock is intuitive to use and has been designed to dovetail exactly into the workflows of buyers, merchandisers as well as designers, marketers and C-suite. Its taxonomy and interface has been built by WGSN “experts”, many of whom were former senior buyers and merchandisers at large retailers. The service is intended to be used in conjunction with WGSN’s trend forecasting service.
Now the platform includes India in its portfolio, the fifth region to be added after the UK, North America, Australia and Spain.
India’s youthful age structure ensures that population gains will still remain strong. The country is expected to overtake China to become the largest country in the world in 2023, according to a report by Euromonitor. By 2030, India’s population should reach 1.5bn, an increase of 23.0% from 2012.