The fashion industry is in constant high demand; even as high street retailers are closing down, the market as a whole is thriving. As retailers keep an eye on shoppers’ behaviour as well as emerging trends and styles, it’s critical that fashion businesses are not only in-the-know, but ahead of the game. In a digital age, you’d be correct for thinking that it’s online retailers who are really flourishing, and most of their success is down to being in tune with where technology is going; and where to find their customers.
Many businesses in the fashion industry will understand their customers’ wants and needs, but how they get to that conclusion is what’s evolved. Customer demands are increasing, which means the likes of clothes wholesalers must work harder to get designs out to brands quicker. It’s clear that the industry is on the move.
Technology
Technology appears to be changing everything all the time, as we continue to live in a world driven by digital devices, apps and online experiences. Within fashion, technology is providing brands and manufacturers with the ability to speed up processes and update ways of communication.
From providing manufacturers with digital patterns for garments, to online shopping, the industry is finding quicker and more effective ways to do business. Customers browse almost exclusively on mobile devices, and pay with the likes of Apple Pay; the trend of fast, convenient shopping has never been more prevalent, and it is technology that’s allowed its development.
Digital Retailers
It has been shown that those operating online-only are growing up to 24 times faster than bricks-and-mortar retailers. They grew sales by an average of 281% from 2012-2017, while physical retailers increased their sales by just 11.8%.
It’s apparent that having an online presence is the key driver for expansion amongst retail brands. Shopper behaviour is changing to favour online stores; for example, customers trying on clothes in-store, but buying them online later once they’ve got home and thought about it more.
Influences on the Industry
As seen recently with the return of Love Island over the summer, online retailers often go wild to collaborate with TV stars and imitate their style to boost sales. Reality TV in particular has a huge impact in regards to culture and style, with retailers recognising the power of bringing reality TV stars’ style straight to their customers.
Tapping into trends and events like this means you can let your online retail brand be a part of a huge social conversation. Viewers of the likes of Love Island and TOWIE are desperate to find the dress or swimwear from a particular scene, and will head to their favourite online retailers to find similar styles. As a retailer operating online, you can partake in social media and other online conversations to put your brand at the heart of what’s going on; and turning the show’s fans into your customers.
It’s clear that the fashion industry is taking advantage of more than just the latest trends from the catwalk. The wider world is now bringing more inspiration than ever before, especially through digital channels such as social media. If you’re not getting involved, then you’re sure to be left behind.
