To remain competitive fashion industry has to focus on innovative marketing and brand enhancement initiatives.
FREMONT, CA: Increasing inflation and the unexpected financial losses due to COVID 19 pandemic have made the fashion products’ consumers quite cautious in spending. However, as the world entering a more positive phase soon, the fashion industry will have something to cheer about. A favorable demographic dividend with an increasing number of fashion-conscious consumers willing to experiment with both ethnic and international brands adds value. Today, fashion goods are not occasion-specific or requirement-based but reflect personality, aspiration, and status. Retail technology and digital innovation support creating relevant retail business models, where operational efficiencies and business outcomes are improved. Read further to know more.
New-age technologies, including IoT, Data Sciences, AI, and ML, will significantly enhance inventory and supply chain management and offer an understanding of industry trends, changing consumer demands, and buying behavior. Data insights are leveraged for taking timely actions in making the fashion retail business profitable with improved product designs and customer experience. Corporatization of retail is getting more importance in the fashion products segment, improving the retail ecosystem. The coming of corporatized retail into smaller cities will also grow with the adoption of retail technology, responding to fashion demands, driven by an increase in media reach and evolving aspirations among the youth.
Trends indicate millennials prefer to buy products on social media platforms. They are also proving to be good marketing channels. Offline retail outlets will increasingly embrace retail technologies to generate innovative promotional strategies and customer experience online and showcase massive selection, thereby competing with online stores. M-Commerce plays a key role as most mobile users reach out to the retailer website to purchase fashion goods. Omni-channel presence of fashion retailers will rise to reach out to more people.
The fashion retail industry will evolve and progress only by partnering with technological developments for innovation, ensuring customers enjoy a personalized shopping experience. Fashion players have started to adopt retail technology, generating new business value by establishing profitable business models to cater to the changing market.
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