What is Shaping the Global Fashion Market of Tomorrow?
The global fashion industry is growing rapidly and its constant changes require apparel companies to be agile, focused and on the alert. To attain good outcomes in this unpredictable industry, companies should adopt the digital-first mindset and try to find their place among the market’s movers and shakers, considering that in this industry it’s never a good thing to be a follower. Here are several pointers to help you to understand what is forming the global fashion market of tomorrow.
Environmental Awareness
All around the world, people are getting more aware of the environment and how important it is to preserve it, hence consumers are expecting ecological and organic fabrics, reduced use of harmful products to the environment, like certain dyestuff and of course, fair and ethical treatment of employees in the production process. Ethical consumption has a huge impact on all industries, especially on clothing businesses, as companies are required to adopt environmentally-friendly habits in production.
Social Media
With the development of technologies, comes a wider usage of digital platforms, not only among the young fashion buyers but also adults and elderly people. Therefore apparel companies should find a way to satisfy those consumer needs and implement digitalization into their business. Here, social media plays an important role, because many consumers use them to get product information, price comparison, or even for online shopping. Fashion buyers are not fulfilled anymore with just purchasing the apparel product, they want to be a part of the brand they’re buying from, to influence and interact with other buyers, and the easiest way to do that is through social media.
Really knowing your audience
A massive shift in the market across the fashion industry is caused by diversity and constant change of target groups. According to this innovative master programme in fashion management, the complexity of managing a fashion business requires proper knowledge of diverse tools, and the ability to apply critical analysis to quickly react to a changing landscape. Waiting to see how your consumers have changed and will continue to change isn’t a good idea
and, like it’s mentioned above, in this industry is never good to be a follower, so taking the lead and investing in brand analysis and studying your market and customers is the way to success.
Data collection
Since the fashion industry is one of the most competitive markets, data collection is extremely relevant for the progress and success of apparel companies. Companies are compiling customer data to improve their products and upgrade their infrastructure to provide their customers with a better experience. But first, fashion brands need to define which data are most important for company improvements and then find the best way to leverage those data. It is no wonder, then, that contemporary curriculums, as IED Forward online course in fashion marketing and communication, teach students how the world of fashion, sales channels and consumers are changing through new technologies.
Omni-channel experience
Nowadays, with the development of technology and the Internet, buyers have access to a deluge of information and data, and with retail convergence, retailers have the opportunity to convince their consumers to purchase their products. It’s all about the consumer experience and how to find a way to provide the same experience to consumers online and offline. Retailers are investing in their online presence, while online apparel brands are starting to open brick-and-mortar stores at the same time. This tells us actually how important it is to implement omni-channel experience in fashion businesses and that companies need both online and physical presence to succeed in the fashion market.
Urban clothing
By the mid of the 21st century, more than 60% of people will live in cities, and for retailers, this will imply dramatic changes in the production process. Urbanization doesn’t mean just people moving from smaller, rural places into cities, but a complete shift in the way they live. Customer preferences and clothing wishes are developing with moving to urban areas, so the demand for urban clothing will be bigger than ever and consumption will consequently soar (it is expected that urban consumers will add $20 trillion per year into the world economy by 2050). To stay competitive in this fashion market, companies will have to make a lot of changes, starting with understanding their consumer needs, and the fact that those needs will continue to change and develop. With this in mind, it’s essential to be open to innovation and experimentation with new ways of doing business.
