Open innovation and the value of crowds: implications for the fashion industry
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Firms in many industries are seeking to incorporate ideas from outside parties tocomplement their own internal resources and capabilities. Suppliers, distributors, endusers, scientists, firms in unrelated industries and even competitors can be importantsources of information and ideas. Furthermore, with the computing capabilitiesavailable today, firms can scan online communities for sources of ideas and evenharness the ideas generated by a select few key users with insights into emergingmainstream customer needs. All of this additional input helps firms compete profitablyin an increasingly difficult environment. New trends include open innovation,crowdsourcing, user toolkits, mass customization and lead-user analysis. While there isemerging academic research on all of these topics, their usefulness in fashionmarketing and merchandising remains relatively unexplored. This is potentially a greatresearch opportunity, as fashion designers can obtain key ideas that boostcompetitiveness by working more closely with customers, suppliers, retailersand other parties. This article presents the state of the art in each of these trends,and concludes with a discussion of the implications for fashion marketing andmerchandising academic research and practice.
Abstract
Firms in many industries are seeking to incorporate ideas from outside parties tocomplement their own internal resources and capabilities. Suppliers, distributors, endusers, scientists, firms in unrelated industries and even competitors can be importantsources of information and ideas. Furthermore, with the computing capabilitiesavailable today, firms can scan online communities for sources of ideas and evenharness the ideas generated by a select few key users with insights into emergingmainstream customer needs. All of this additional input helps firms compete profitablyin an increasingly difficult environment. New trends include open innovation,crowdsourcing, user toolkits, mass customization and lead-user analysis. While there isemerging academic research on all of these topics, their usefulness in fashionmarketing and merchandising remains relatively unexplored. This is potentially a greatresearch opportunity, as fashion designers can obtain key ideas that boostcompetitiveness by working more closely with customers, suppliers, retailersand other parties. This article presents the state of the art in each of these trends,and concludes with a discussion of the implications for fashion marketing andmerchandising academic research and practice.
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