Fashion is one of the most successful industries worth millions of dollars. Sales are expected to grow further by 4.5% in 2018. However, growth is not even across all regions. Emerging markets such as the Asia Pacific are anticipated to benefit more in the industry.
Customer demands are changing and the business response has been altered accordingly. Many businesses work to improve their insight into current industry trends that have a significant impact on fashion.
Here are the top trends in the contemporary fashion industry:
Regardless of the industry, competition is a major concern for any business. But the retail environment today has a number of challenges. Brands must adjust according to the pace of the industry.
Competition has increased greatly in apparel. Brands like Zara, ASOS, and H&M have met consumer needs by embracing innovation to remain in the competition. E-commerce giant, Amazon, has also made moves to expand its reach in the market. Therefore, the fashion industry is highly competitive and this trend is not going to change anytime soon with increasing consumerism. Brands that do not comply with standards and do not innovate over time will be left behind.
The industry has been dominated by the concept of integration of all consumer touch-points such as social media to provide an exceptional customer experience. Most fashion brands are now accessing customer data and create channels for better customer connection. For example, developing a mobile application has now become a norm in the industry. Different channels are being focused with one objective of delivering an unparalleled experience to their customers.
Fashion brands are concentrating to maintain customer loyalty. Once customers have been reached, how are they retained? There is massive growth in the fashion industry making retention difficult. There is a multitude of brands selling party wear salwar suits, palazzos, capris and all sort of apparel. Purchasers have countless options to choose from whether from online platforms or conventional shops.
Fashion brands have fostered loyalty in a number of ways. They use social media, mobile applications, discounts, reward programs and other channels. Loyalty is all about building trust and good relationships with customers. This begins with providing optimal quality, but there is a lot more that brands are looking forward to.
Personalization is one way in which fashion brands have solved their struggles with competition, providing a seamless experience and customer loyalty. With time, personalization is becoming more important to consumers. Brands are giving more value to customer data so they can provide personalized products based on their products. Tapping more effectively into customer data has allowed some fashion brands to serve customers according to individual preferences. Brands are looking at different ways to provide better personalization, because it has already proved its worth in the industry today.