The fashion industry is an emerging industry in this day and age. With the advancement of digital marketing and especially social media, we can see that the fashion industry is coming forward as one of the major players when it comes to businesses. Wherever we look we can see that new brands are emerging all over the world and taking the internet by a storm and for all the right reasons. People today are very particular about the way they look and hence they settle for nothing but the best when it comes to making a fashion statement.
What makes a brand stand out in the industry?
There are many low-end and high-end brands in the fashion industry. To name a few we have Nike, Hermes, Louis Vuitton, Carter, Gucci, and the list just keeps ongoing. The question here is, what makes a brand stand out amongst its competitor? The answer to this question lies in multiple factors. A major contribution to building a brand lies in its historical value. Back in the day, as students, we were shown a presentation on Louis Vuitton and how the brand has developed over the years. The most interesting aspect about Louis Vuitton was the history attached to it. Founded by a Frenchman with the same name in the year 1854, Louis Vuitton was a company that was known to make the finest luxury trunks and in today’s time, it has become one of the leading accessories brand producing items which include several ready to wear products which include shoes, watches, jewelry among others.
The second most important aspect that is essential to help a fashion brand to grow is constant innovation. From the example above we notice that Louis Vuitton started with the production of luxury trunks but over time, expanded into making luxury, ready-to-wear products. What we notice from this is that it was the innovative factor that has helped Louis Vuitton make its mark and remain alive in the hearts of its consumers over the years. Hence, innovation is key when it comes to the fashion industry because the trends keep changing and a brand must adapt to change to carry on its business.
Recommended Innovations for the Fashion Industry in 2021
Keeping in mind the changing trends of the fashion industry, here are some recommendations we’d like to make to fashion brands that can help the brand in sustaining their customers.
- E-Commerce Business Model
- Inventory Management
- Artificially Intelligent Stylist
- Influencer Marketing
E-Commerce Business Model
It is very important for brands today to maintain a good website and an efficient e-commerce store. Consumers today prefer convenience over anything else and want everything made available to them through their smartphones so basically at the touch of a button.
Inventory Management
In addition to an efficient E-commerce setup, a brand must maintain a reasonable inventory for its products so that there is no hassle when it comes to the time timely delivery of products to the end consumers. A product delay in today’s day and age can cost your brand a good amount of money. For this purpose, brands can easily carry out internal analyses and forecast the demands of their products to avoid any inconveniences.
Artificially Intelligent Stylist
An artificially intelligent stylist would be a very innovative new addition to major fashion brands. With the help of the growing artificial intelligence industry, it would be economical to create a machine that could provide consumers with styling tips and give advice on which products suit a customer and which doesn’t. This would make the shopping experience for a consumer more interactive and would increase their interest in the brand.
Influencer Marketing
Influencer marketing is a growing trend within the fashion industry. With the growth of social media applications like Instagram, the number of influencers is increasing daily. People today are becoming more aware of fashion trends because of their favorite influencers and look up to them for styling techniques hence making it any emerging fashion brand’s necessity, keeping in mind the changing trends.
Conclusion
These are some of the innovations we feel will add value to the ever-flourishing fashion industry. Of course, the list of innovations does not end here and is only limited by one’s imagination hence if you’re thinking of starting a fashion brand, do not hesitate to think out of the box!
