Many fashion companies have been experiencing steep declines in brick and mortar traffic. They are constantly looking for ways to reduce operating costs, reevaluating stores networks, and innovating in-store experience to attract more customers.
The digital era has hit some harder than others, in the USA department store sales have dropped exponentially along with mall closures, sluggish sales, desires to improved margins and control brand presentation and customer data are causing brands to shift to direct-to-consumer strategies.
How fashion companies play today is different. Those companies still play by the traditional rules are facing increase fashion risk and excess inventory if they are unable to match customer demand.
Those playing by the new rules are building supply chains supported by quality consumer insights. Fashion players leading on speed are definitely pushing the limits of their creative process and are truly performing acrobatics with supply chains.
Here is a list of the trends that will define the Fashion Agenda in 2018.
* Predictably unpredictable.
* Globalization reboot.
* Asian trailblazers.
* Getting personal.
* Platforms first.
* Mobile obsessed.
We live in a World where geopolitical turmoil, both economic uncertainty, and unpredictability is now normal. Fashion Companies and its executives have to be more vigilant in other to be able to adapt as quickly as possible to an ever-changing environment to stay competitive and away from bankruptcy. But they must remember to focus those energies on what is within their control.
Todays World has seen the rise of extreme nationalism and isolationist rhetoric, but that won’t stop Globalization instead a new form of Globalization in being born or rebooted if you would. Mainly characterized by the growth of cross-border bandwidth and data flow that are altering the playfield, and giving players related to this game a competitive edge.
The World is truly changing at a fast pace and markets are changing twice as fast, especially the Asian market with two-thirds of the World’s e-Commerce market, and more than half of online retail sales and the never-ending digital and tech innovations Asia has no longer needs for western companies.
It is expected that for 2018 Brands will value data collection, even more, customing and tailoring recommendations based on the personalization, authenticity, and individuality of its customers. They will activate the “influencers” to help personalize the experience. Fashion companies that flourish through this will refocus on their strength.
2018 will continue to move us deeper into the online shopping platforms, they will become bigger, and Brands that wish to remain competitive will have to engage in creating or partnering with the best platforms out there. Is no longer a question of “if” but “how” these Brands will coalesce with the big players of Online Shopping Platforms.
Mobile obsession is not showing any signs of stopping in 2018. End-to-End transactions are moving to Mobile, and with it, consumers are expecting that the fashion companies will cater to this increase in mobile transactions.