Today’s fashion companies have an unprecedented opportunity to move their businesses closer to the consumer than ever before. As the fashion value chain continues its evolution into a collaborative global network, omni-channel insights are fueling business and manufacturing decisions. Information gathered from shoppers can flag everything from sourcing, to design, to distribution of products.
Successful companies must be flexible, adaptable to change, and able to respond quickly to consumer desires. With the right technology tools, they can. What are the top 4 concerns for the fashion industry?
Top concerns for fashion companies
- Adapting to constant change
A key characteristic of the fashion industry is constant change—more demanding consumers, evolving business models, more collections and styles, different sourcing destinations, omni-channel sales, and fluctuating exchange rates all combine to create an industry where change and evolution are built into its DNA.
- Managing increasingly tighter margins
With the heavy impact of price pressures and rising costs, managing costs and monitoring margins are more important than ever. From controlling inventory, to avoiding unplanned markdowns, to keeping production costs low, to preparing your supply chain for e-Commerce shopping, fashion companies must always keep a sharp eye on the bottom line.
- Creating better omni-channel experiences
Fashion companies are looking for new ways to interact, sell, and deliver their products to customers. You must be able to interact with your customers to give them new ways to browse, shop, and buy from you. As more brands move into retail, e-Commerce, mobile commerce, social media, and other developing channels are making the customer journey more complex. Your business must be ready.
- Shortening the time to the consumer
Forget production lead-time and time to market. Today, it’s all about time to consumer. If your business cannot deliver the right product, in the right place, at the right time, you risk losing a customer and revenue. Your business must be able to react faster to consumer demands and behaviors so you can ship new collections faster, while also better managing your inventory and rapidly replenishing your warehouses and stores.
The technology choices you make today will have an enduring impact on the future of your business.
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