The fashion industry changes and evolves at such a pass that it’s difficult to keep up. But, continue forward you must if the business is going to maintain its current course and then expand. As always, the path to success is lined with the latest trends as they are new, unique and provide businesses with a chance to find a niche. All it takes is one contemporary style to takeoff and the company could scale new heights. With that in mind, here are five to watch out for this year.
#1: Macro Economy
Europe and North America used to be the kings of the sector, and they still are to some degree. But, there is no doubt that there is a shift in dominance. BOF points to a study which suggests that almost half of clothes sales will be outside these regions by 2018. Yep, that’s this year, which means branching out to the east and south could bring huge profit margins. Asia, in particular, is a market which is ripe for picking.
#2: Bricks And Mortar
Gone are the days when exclusive stores pumped money into real estate. In 2018, the best property is online because of the shift in consumer mentality. Customers would much rather shop online than visit a store, which is why foot traffic is dwindling. It is logical, then, to re-evaluate the costs which can harm the firm’s bottom line. Expenses such as rent, operating costs and the in-store experience should be cut to make way for the online revolution.
#3: Customer Values
Let’s take a closer look at consumer shifts because they are important. Not only does the internet impact in-store sales, but it also affects the marketing effort.The Web opens up a range of possibilities, and customers want as many satisfying as possible. People now prefer a “forward my mail service” as email is less intrusive. Also, video content is a huge player in the game as it is interactive and engaging. More than that, it links with social media and is easy to share, which is why a YouTube channel could be a savvy move.
#4: The Unpredictable
In the past, businesses tried to focus on the unpredictable and lost. Today, modern companies understand they can’t account for everything and factor that into their processes. Fashion firms are increasingly profiting from this attitude as it allows them to redirect valuable assets such as time and money. By focusing both on areas of your control, you can cut expenses while increasing revenue.
#5: Sustainability
There is no getting around global warming and its impact on the environment. Whereas businesses don’t want to change their ways, customers do and they will demand the same from suppliers. So, simply changing the production line to cut plastic pollution and save water may work in the company’s favour. Promoting sustainability shows that you are a contemporary firm with modern beliefs.
Other trends to keep an eye on this year are personalisation, off-pricing and artificial intelligence.
