Oscar night is a tremendous business opportunity. More than a chance for fans and media to gossip about celebrities, the 86th Academy Awards Sunday night handed a treasure trove of data to the fashion industry on a silver platter -- if not a red carpet.
Fashion critics loved the gown that Lupita Nyong’o wore Sunday night, but most social media users thought Jennifer Lawrence was the best dressed.
“Trigger events like the Oscars give designers an opportunity to preview hot, new designs,” angela.schuller said in SAP News on Wednesday. “But data derived from consumer reactions can help fashion brands predict exactly which fashions will fly off the shelves and which will flop.”
Oscar Play-by-Play: Tracks buzz and sentiment throughout the evening, including when host Ellen DeGeneres was on a roll -- and when she bombed.
Who, What, Wear: Displays which states showed the most interest in Oscar fashion (except for Alaska and Hawaii, which didn’t make the cut). Spoiler alert: California and New York were huge!
The Color Oscar: More people talked about nude-colored dresses than any other, but 98 percent of them liked blue.
And the Winner Is: Social media users seemed to love the Oscars this year, with mentions up 63 percent over last year, and sentiment rising 30 percent higher.
This type of big data is a microcosm of what’s been happening in the fashion industry.
“Retailers are already using predictive analysis and data from social media and other sources to drive planning and customer engagement,” john.ward3 wrote in SAP Business Trends last year.
The social intelligence gleaned from SAP’s Oscar data can help fashion designers and retailers:
Gauge popularity and forecast trends, which also influences manufacturing and marketing
Track the way trends vary across regions, helping companies manage global and local inventories
Develop and manage social media initiatives, e.g., DeGeneres’ wildly popular selfie, which enjoyed millions of retweets and shattered Twitter’s retweet record
“Attending a runway show ... no longer offers an exclusive first look at fashion’s elite,” david.trites wrote in SAP Business Trends last year. “Over the past few seasons more and more top designers and brands have launched new looks online before and during their shows.”
Social media is accelerating the democratization of fashion. And, just like Oscar night, it has enormous potential for an industry to connect with its fans and engage with its customers.