HOW TO GET AHEAD OF WHAT’S HOT IN THE FASHION INDUSTRY
The fashion industry gets more competitive year after year. Fashion is constantly changing which is what makes it so difficult for companies in the industry to stay ahead.
Giants like Zara and Target continue to thrive but retailers like Forever 21 are feeling the heat from new entrants—specifically from online retailers who’re eating up their marketing share.
So how do you keep up-to-date with an industry that changes every few months?
Let’s take a look:
1. KEEP UP WITH FASHION WEEK
Did you know Zara only produces 50% of its stock, up-front? The other half is left to the response in the market. If something works, great. If it doesn’t, on to the next one!
In the meantime, Zara has to continuously churn out trendy clothing and for that, it keeps a very close watch on fashion weeks around the globe. It specializes in producing fresh-of-the runway designs in just two weeks after fashion week!
If Zara gives so much importance to fashion week, you should too! Fashion weeks set the trends for the season and you should keep up with them.
2. SEPARATE FADS FROM TRENDS
Small fashion brands can’t waste money on fads that won’t last longer than a few months; they need to learn to separate fads from trends. They can do this by using their insight community to test campaigns and get instant feedback on styles.
Ongoing customer engagement can prove to be very helpful when it comes to determining what styles customers respond to and why.
3. EMBRACE AN OMNICHANNEL STRATEGY
The USA’s biggest online menswear brand, Bonobos, decided to start brick-and-mortar “guide shops” where potential customers can try on clothes but can’t shop for them; customers will need to go online to purchase the items.
The purpose of the physical store is to allow customers to try on the clothes to see how they look in person. The strategy paid off; the company’s sales increased as customers spent twice as much when they could physically see and touch the products. The guide shop also proved to be an effective way to gain customer insights.
Because of the number of items the fashion industry churns out every year, customers have a lot to choose from. If they don’t like your products, they’ll go elsewhere, leaving you with high inventory costs and lots of wastage.
Working with a quick and responsive garment manufacturer can help you reduce costs, limit wastage and keep up with the industry.
Contact us for more information.