The Fashion Industry Is Continuously Exposed To Several Factors That Trigger Fashion Business Models To Change
Ayushi Gudwani, CEO, Fablestreet, sheds some lights on various factors, which impact the ever-evolving fashion industry.
Global interconnection: The penetration of international brands across all fashion verticals has transformed our outlook towards the quality of apparel that we like to invest in. Fast fashion international brands are focusing on making trends and runway fashion available to the mass audience at accessible prices. This has also made a huge impact in the Indian fashion industry since it is important to keep up with the global trends in this highly competitive market.
However, more niche brands are coming up with high-quality products keeping their price point in mind with the idea of introducing and maintaining international standard quality and styles.
Affordable Luxury, Value for Money: Fashion consumers are now no more looking for highly expensive products to stand out, they are rather a price and “re-use” conscious to ensure they get maximum bank for their buck. Most customers prefer versatile pieces which last long and can be paired in multiple ways.
Online Retail and use of Data/Analytics: Digitalization has immensely supported fashion retail channels in the past few years. Brands are enthusiastically using the platform to strategically tailor consumer experience.
They use social media platforms like Facebook and Instagram for efficiently reaching out to their precise target audience. Having a strong digital presence has become mandatory in the fashion world to get the desired traction.
The most important impact of this is real time analytics and consumer feedback. This basically means, that the brand is aware of what they are selling, their consumers preferences, sizes, etcetera. This enables them to improve their supply chain and get newer and relevant products to consumers in less than two weeks, unlike a three – four month cycle historically.
Rising Popularity of Customized Products, Mass Customization: The demand for custom made, bespoke wear products is also on the rise. Customization found its ground when the luxury market started molding things as per the customer’s needs and now it has become the trend in the fashion business. Upcoming brands have started providing their customers with the option of personalizing the products that they purchase which in-turn helps them to develop a strong connection with their TG.
Sustainable and Responsible Brands: The conversation around sustainable fashion has grown multifold in the last few years. More and more customers are inclined towards making environment friendly decisions when it comes to fashion.
As a response to the growing demand, many fashion brands are consciously making efforts to promote sustainable fashion. These practices include using environment friendly material, ethical production practices, reducing the production of waste, etcetera.
Marketing: A sound marketing strategy is now a prerequisite for a brand’s success. The process helps to add value to the brand and also creates a top of the mind recall in the minds of its target audience.
It acts as an enabler to further influence the buying decision of the customers. A successful marketing campaign ensures business growth and expansion.