Did you know that according to McKinsey’s ‘The State of Fashion” report, 84% of industry leaders expect market conditions to worsen or stay the same in 2023? Well, fashion executives around the globe are expecting a tough year of sorts ahead since the global economic slowdown threatens to reverse the entire post-pandemic recovery. A look thus, at what fashion retail professionals need to know today about the industry
Fashion is by nature an ever-growing, dynamic thing. New trends set in, and so do new seasons, popping up and disappearing as fast as they appear. A jump in ecological as well as social standards, along with technological advancements, has brought about a huge shift in the fashion industry. However, as a fashion retail professional, one needs to know exactly what the future holds and how to prepare for it. Today, we shall look at some of the things fashion retail professionals need to know about the industry.
Online Shopping
Today, more and more consumers are turning towards online shopping in a bid to balance it with their work lives. Retail giants such as Amazon, Flipkart, Myntra, and several others are thus slaying it big time in the retail war of fashion. Easier, quicker, and definitely more comfortable than visiting a physical store, this trend is here to stay and is making a huge impact, especially on high-street fashion.
Social Shopping
A new contender in the world of retail, social shopping is another key factor depicting the true importance of mobile shopping today. With more than 30% of online orders today coming from social and search sites such as Google, Facebook, and Instagram, social media has become an inseparable part of our lives, and fashion companies need to know and keep this in mind. Be it the marketplace on Facebook or the new feature on Instagram, which allows users to buy products directly from its app without having to get redirected to the brand’s website, influencer and collaborative power are making it super easy for consumers to shop without even leaving the app.
Augmented reality/Metaverse
Another technology retailers need to embrace in order to enhance and upscale the fashion experience they offer is AR, or augmented reality, which many shoppers use in stores. Getting to try on clothes virtually without actually having to visit the store is something cool since customers can even experiment with items they normally wouldn’t have tried and feel confident about wearing them. This technology, which capitalises on comfort and convenience, is a primary factor why high-street fashion is going to see a big-time change
Experiential Retail
Even though online and virtual shopping might be on the rise, one cannot deny that experiential retailing too is all set to be a big part of the industry in the next few years. In spite of a decline in in-store shopping and the rise of internet shopping, the desire for retail experiences continues since more consumers want to invest in experiences rather than products. Immersive retail experiences refer to taking shopping to new heights by giving brands a chance to provide more intimate, personalised experiences than ever before
Artificial Intelligence (AI)
Data now at hand is making it possible for brands to get to know their customers better than before, meaning the retailer can provide a more appealing, personalised service to customers today to fulfil their demands. Big data combined with AI can assist retailers in creating profiles for customers so that employees can precisely determine what they are looking for. AI also helps retailers track inventory, thereby enabling better stocking at the store and thereby saving on missed sales.
These were some of the key aspects of the industry that fashion retail professionals need to know today. Moving ahead alongside the consumer in an optimal manner, ensuring that along with fulfilling their needs, the company and the entire industry can grow too, is what is truly a successful synergy we all should be looking at, both as consumers and from the industry’s point of view.
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Also read: Top 5 Sportswear Brands Incorporating Sustainability in Their Products