Fashion Industry is much more than designers, models, beautiful apparels & accessories. It also constitutes professionals who manage the business and are accountable for revenues, marketing & sales-building brands, creating awareness, brand loyalty among masses, ensuring walk-ins at the outlets, communicating with people in their language so as to inspire them to purchase their products.
Fashion Business Managementis concerned with research and analysis of the market trends, fashion trends, consumer, their demographic and psychographic profile, their preferences and their capacity to pay& economic scenario etc. and accordingly develops innovative product, formulate segmentation, pricing, distribution and marketing strategy. Furthermore, they are also responsible to predict the success of the product besides sourcing, retailing, merchandising and exporting of the products.
Trends in modern times:
- Sale via Digital Platform:The pandemic was the catalyst that pushed for fast adoption of digitization. In order to grab attention of the consumers, most of the existing as well as new brands offered superior customer experience, convenience & product differentiation as key propositions. They utilized curated content using the power of immersive storytelling so as to engage and stay connected with the target audience. Fashion Business professionals are increasingly relying on social media platforms such as Facebook, Pinterest, Instagram etc. to showcase their offerings, building brands, engaging and reaching out to target audience. Moreover they are even leveraging influencers to not only engage but also build credibility for the brand.
- Infact the digital platform is also being utilized to stay connected with TG, address their concerns and carry out mid-life upgrade of the product.
- Adoption of Virtual and augmented reality (VR): Fashion industry has adopted use of VR to enable its customers to try on outfits or even the eyewear virtually. This will not only assure the customer but also give greater accuracy for they would have tried on the product they are buying. This will further enhance the online shopping experience, engage and retains the customers longer and reduce wastage& returns.
- Artificial intelligence:AI is being used by brands to not only analyze data, forecast trends, identify the right fashion designs & styles and inventory-related guidance, but also to enhance customers’ shopping experience and save costs. AI algorithms track customers’ journey and utilizes Chat bots and touch screens to match them with the right products, facilitate real-time inventory tracking, forecasting supplies, distribution, thereby enhancing customer experience.
- Sustainability: Leading fashion houses are revamping their operations so as to incorporate sustainable environment friendly technologies. Measures are being taken by the organizations to reduce their carbon footprints- reduction in water pollution owing to textile dying, use of recycled fabrics, use of lab-grown leather without harming animals, use of colour-changing fabric technology that can be programmed to change as per our moods or setting etc.
- Agility and Innovation:The pandemic forced businesses globally to revisit their business models, adopt digital technologies, streamline their operations and sharpen customer propositions. Organisations with agility and innovative customer centric thinking will command an edge over their peers.
To learn about Fashion business management, aspirants must join a college that pioneered this niche area of Fashion & Lifestyle business management. It must mentor students with proficiencies in retail business, forecasting, sourcing, merchandising,international business practices, global marketing etc.