Why colour forecasting is critical to product success
Think about your favourite piece of clothing, most-loved item in your home, or go-to brand. The chances are that colour plays a significant role in your decision-making process. In fact, colour is cited as the primary driving factor for 85% of purchases.
So, it’s undeniable. Brands and designers must consider colour as a business-critical decision across their assortments and collections, regardless of the consumer industry they operate in. Sell-through and markdowns are dependent on whether items resonate with customers, and evidently, colour is a significant contributing factor in a product’s success, ultimately affecting consumer satisfaction and a business’ bottom line.
There is also an environmental argument for getting colour right – a low sell-through rate results in products without a home and, therefore, wasted resources, often on a large scale. Stock becomes redundant, sat on retail floors or in warehouses. Not forgetting the impact colour has on overarching brand perception. Brands are defined by their use of colour, so whether bold or muted, its impact is loud.
So, now you know why you need to get colour right, it’s time to understand how to get colour right. Enter: colour forecasting.
Each season’s ‘it’ colour is never left to chance
At WGSN, colour forecasting combines both qualitative and quantitative data across all regions and consumer industries, synthesised by global experts who analyse the entirety of this research over the course of three days. This process determines the trending colours of the future, two years in advance.
This data comes from a wide range of sources, including catwalk analysis and design exhibitions from cities across all regions, as well as socio-economic shifts and scientific innovations that are shaping the world we live in. This extensive process results in comprehensive forecasts with 93% accuracy, so our clients can trust they’re nailing the colours, season after season.
Colour tools that make all the difference
To forecast colours accurately, you need to be able to confidently select from a broad and vibrant range of hues. This is where Coloro comes in. WGSN’s chosen colour partner, Coloro’s colour tools are central to the forecasting process.
Starting with the Coloro Toolbox, the WGSN team have 3,500 colour swatches on hand to deliberate over, using their research to direct them to certain shades. And, so that they’re able to consider an even wider range of hues, the forecasting team also make use of the +240 swatches in Coloro’s Neons and Brights collection, giving them unlimited colour possibilities, meaning they can capture the nuances of colour that their research leads them to. As the infamous Miranda Priestly said when exclaiming about the significance of colour in fashion, “That sweater is not just blue, it’s not turquoise, it’s not lapis, it’s actually cerulean.”.
Once the forecasted colours are agreed upon and confirmed, they turn to one of Coloro’s digital tools, CFI (Coloro Feasibility Intelligence). Here, the team check that their chosen hues are feasible on key substrates, such as polyester, cotton and nylon, ensuring brands are able to execute the colours across their products and assortments with ease. After all, there’s no point having colour forecasts, if the shades can’t be practically applied to products across different consumer industries.
So, when you’re wondering about what colours you or your consumers will be enjoying in 1-2 years time, you can turn to WGSN for the answers.
If you want Coloro to help you overcome your colour challenges, book a meeting with the team.