The McKinsey and Business of Fashion Report on State of Fashion argues that the industry is in a flux. Technology, innovation, digitalisation, transparency, fashion immediacy, restructuring of supply chains and internal operations are the trends driving industry, writes Goodness
The top challenges and opportunities: 2016 vs 2017
What are the top-of-the-mind issues industry professionals are grappling with? Here is a quick snapshot of the top challenges and opportunities that the survey brought out for 2016 and 2017. Dealing with volatility and uncertainty is certain and here to stay. So are the changing consumer expectations driven by the digital and technological revolution. Today’s forever connected, well informed, discerning, customers with shifting loyalties to brands, seeking alignment of their purchases with their deeper values are that much more difficult to please and that much more unpredictable.
Amidst the challenges, we saw some opportunities emerge as well. Top-end players like Burberry, Tom Ford and Tommy Hilfiger successfully launched ‘see now, buy now’ runway shows to cater to the customer’s need for instant gratification. The reconfiguration of the entire design and product development cycle to enable the runway pieces to be made available instantly to end-customers across multiple locations and platforms is an entirely new concept. Whether this will be adopted on a wider scale and in a profitably sustainable way remains to be seen.
What is clear is that brands can no longer afford to ignore changing customer expectations. Only those who pay heed and listen seriously to offer better experiences to their customers will stay in the game. Whether it is in providing instant gratification or providing an overall ease of shopping convenience seamlessly across different channels via omnichannel integration, or in addressing the need for transparency and information via sustainability measures or digitisation of supply chain initiatives are the developments to watch out for. The fashion industry is ripe for disruption and change.