Fashion has forever remained one of the most spoken about and controversial topics from back in time. It is an industry that is well known to be almost always dynamic and today’s environment is no exception. Trends have continuously evolved over time and several solid fashion statements have emerged to differentiate one era from another.
Rapid advancement of technology has altered the business model of most firms in the industry entirely. Social media platforms, high-level analytics, greater access to big data and cloud computing have produced unparalleled prospects and driven firms to converge the latest technology into their business models to keep abreast.
At a time where almost all basic human necessities are met at the touch of a button or a click on a device, fashion needs too are increasingly expressed via mobiles and online environments. This sophistication of consumer demand has reached a level where customers even shop for designer baby clothes online. They no longer wish to visit the store in person, touch and feel the garment before purchasing it. Fashion brands with online shopping sites have stepped up their game to offer customers an outstanding virtual shopping experience with high-quality images, 3-D rotational views to see all sides of the garment, size guides and all other useful information.
Therefore, only those fashion brands that are well equipped to cope with mounting consumer expectations and demands will achieve success in the future. This indeed creates a positive outlook as the continually changing consumer demand patterns forces fashion companies to be more creative, innovative, competitive and relevant with up-to-date styles.
Another outcome of the rapidly changing landscape of the fashion industry is faster fashion cycles. The pace at which a new collection is introduced to the market, made popular, peaked in demand and fall out is increasing dynamically. Just as with adult fashion, girls boutique clothing has also reached a point where each collection has a limited shelf life. Consequently, fashion firms are expected to be extremely agile to cater better to the short style life cycles.
Monitoring the popularity of certain styles and collections is also essential to advance within the fashion industry. Useful behavioural patterns can be discovered by studying the interaction of current and potential customers with brands online. Although this has become an industry standard, most fashion firms struggle to make sense of the immense volumes of data they gather and to put them into good use. It is therefore crucial that firms filter the pile of information generated through data-mining technologies and pick out significant facts and figures that will fuel new growth strategies.