Posted on 28 November 2017
Fashion Industry is a diverse & dynamic field with numerous niches to serve. The future of this industry is highly predictive yet bright, as trend following & apparel, demand is always on the rise!
It is said that no business line is easy to break into; this is specifically true for the ever-changing Fashion industry. However, the fashion industry is considered as one of the most profitable industries for entrepreneurial ventures. Hence the key is to identify the right opportunity, grab it on time & give in your hundred percent dedications in making your dream work. Well voila, you’re a successful Fashion Entrepreneur!
Just a few years ago, online transactions seemed to be impossible for businesses, while no one considered Pinterest & Instagram being used for introducing new trends. Nobody knew a simple dress blue/black/gold poll on social media would take the world by a storm. But change is inevitable and if one doesn’t roll with it & adapt to change, they left far behind!
This article has been devised to introduce the prospective fashion entrepreneurs to the future of the industry. Young entrepreneurs who are looking to make a career out of their passion for fashion should keep up with the following changes in order to make their mark remarkable in the industry:
CUSTOMIZATION Consumer trends are changing, in coming times customization will take over standard product designs. The customers will give preference to buying a product which is tailored according to their size fit, color scheme & taste. One big reason contributing to this trend is the rise of individualization, now people are not afraid to express themselves, which is why they prefer wearing something which seconds their personality. Also in order to adapt to this trend, fashion entrepreneurs need to create websites which offer customization of product to an extent, or in brick & mortar model, entrepreneurs will be required to have customization services with quick delivery time.
CUSTOMER SERVICE Empathizing with the customer & adding emotions to your customer service strategies will be the deal of tomorrow. Although the use of chatbots is increasing, according to recent surveys the emotional element attached to customized customer service, bots can’t compete with human customer service representatives. Fashion entrepreneurs need to give special attention to understanding the customer’s need & reverting back to him with a solution within seconds. Moreover, according to another survey positive emotions are associated with awesome customer service, with a higher probability of repeat purchase.
Omnichannel (also spelled omnichannel) is a multichannel approach to sales that seeks to provide the customer with a seamless shopping experience whether the customer is shopping online from a laptop or mobile device or in a bricks and mortar store. This approach is essentially helpful for fashion entrepreneurs, as it assists customers to check inventory by the store on the brand’s website, purchase the item later on with a smartphone or tablet and pick up the desired dress at the customer’s chosen location. Furthermore, with the omnichannel strategy, the customer service representative in the store will be able to immediately reference the customer’s previous purchases and preferences just as easily as the customer service representative on the phone can. This will specifically help the brand in improving customer service & make the experience seamless & enjoyable.
USAGE OF CONSUMER DATA
In tomorrow’s modern age, the most reasonable asset for a brand to flourish will be their prior customer’s data. Fashion brands are now learning to use data analytics and consumer feedback to find patterns and identify trends more effectively than ever. This approach will not only equip fashion entrepreneurs in analyzing the wants of consumers but with the utilization of big data, predictive algorithms will be created. These algorithms intended to help and guide designers to create styles as per customers’ requirements.
PRESENCE ON SOCIAL MEDIA
Social media helps in validating your brand. It is forecasted that social media will be an integral part of two-way communication between the brands. When the social media marketing is done right, customers feel that the brand is active & focused on thriving for a better service provision. Especially in the fashion industry the importance of social media is crucially vital. From gathering feedback to receiving reviews, from the launch of the new collection, to special announcements like sales… the power of this platform can’t be underestimated with the constant increase of users all over the world.
With recent developments in LGBT rights & their acceptance in the community, the r=trends of gender-based fashion are changing. It is highly expected by fashion brands, in particular, to not limit any brand or line or product to one gender only. For instance, a pair of boots & a scarf from the girl’s line might be of a gay’s interest. Similarly, many male makeup artists are gaining immense popularity & acceptance in wearing & flaunting makeup publically. So the fashion entrepreneurs need to be very particular while designing & marketing any product line.
The impact of globalization has opened unlimited avenues for brands to expand & serve. It is not healthy for fashion brands to limit themselves to a certain locality to serve. With an increase in technology & globalization customers demand shipment globally & timely. Hence Fashion entrepreneurs need to take special care of this element.
VIRTUAL TRIAL ROOMS
While making a purchase for apparel, most consumers tend to try the product to get a feel for how it appears. Augmented reality & virtual reality is the key to solving the problem of customers who wish to try any product before purchasing it. Moreover, options like 360-degree view & accurate measurements can help the customer in making better decisions. In addition, VR allows designers to create greater designs and new products through an immersive 360-degree look at the clothes that they are designing. Hence an investment in VR tech will up the game of any fashion designer while satisfying the consumers.
Fashion entrepreneurship is a great industry to drive in, with a success rate of 35% after three years to offer with good profit margins. If fashion entrepreneurs keep up with the upcoming trends & grab opportunities coming their way in the name of tech, they can go a long way with this profession!