Trends in the fashion industry are constantly changing. It’s important to stay abreast of these developments and drifts in order to secure a piece of the ever-expanding market share. When big shifts take place, such as the ones that are occurring right now, staying ahead of the curve can mean the difference between growth and stagnation, or even critical loss. Considering how readily available the Internet has made information about sales figures and trends, it’s easier now than ever to prepare your business for the future of fashion.
Important highlights in the industry right now include the fact that expanding markets are on pace to outsell the West. A crucial tipping point appears in the form of footwear and apparel sales, more than half of which are set to take place in locations other than North America and Europe in the coming years. The gravity of this shift is already apparent but will become more so with time as it affects designs and sales. A lack of predictability has become the new norm, thanks to political and economic turmoil, so pay attention to the factors that can be controlled and accounted for.
On the topic of the Internet, online shopping is in its heyday. Every time experts think it’s reached its peak, entire new mountains of data appear. Consumers today are obsessed with their smart phones. The cruciality of having a working, digital interface for your customers to interact with can’t be overemphasized. Paying attention to what costumers want, and, more importantly, giving it to them, will differentiate winners from losers in an increasingly winner take all market. The digital obsession is here to stay. Make it work for your brand.
Tying into the above as well is the unstoppable power of globalization, which has not been curtailed by a rise in nationalism. Ideas are still changing hands across borders, and that’s not going to change. Advances in technology are also crucial, from the rise of AI, to innovations in sustainability. Customers respond to ethical practices, and going green is both a good way to demonstrate credibility and to save on production costs. Finally, personalization is on pace to rise in popularity. The customer who wants it all responds to personalization.