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Customers are mindful of the adverse environmental impact of fast fashion. Sustainability and ethical awareness are influencing the industry to make dynamic changes such as digitization, circularity and transparency in business practices that will help brands in the long-term, says GlobalData, a leading data and analytics company.
Conscious consumption is on the rise and shoppers have acquired a different set of priorities such as recycled materials, affordable prices and good quality. Fast fashion retailers should use their inherent capability to provide such an offer with their quick turnaround time in response to the latest trends.
Rukmini Durge, Retail Analyst at GlobalData, comments: “Designers and brands have reflected on fast fashion industry’s business practices in view of COVID-19 disruptions to conclude that it is time for fast fashion to take a turn for the better. Offering consciously made clothing can attract customers and drive sales without the pressure of continuous change and production that results in waste of materials and growing landfills.
“Customers hold the brands accountable for maintaining traceability of raw materials, factories and production processes. Customers’ lasting loyalty to a brand, a share of their wallet and the brand’s image is bolstered by means of upholding this. Thus, providing transparency in supply chain and manufacturing and closing the loop of apparel life cycles through recycling initiatives has become pertinent for companies.”
Pandemic led store closures, piling up of inventory and shift in consumer behavior towards lesser purchases have led the retailers to downsize the product ranges. Fast fashion retailers saw the e-commerce channel grow exponentially as customers took to shopping online. Lower price points, easy online accessibility and increased focus on digitization will enable fast-fashion retailers to attract shoppers looking for trendy yet affordable products from the comfort of their phones/other devices.
Ms Durge concludes: “Brands must focus on a differentiating factor to stand out in the competition, in the way ASOS did with the launch of its new-to-market womenswear brand ‘As You’. With the upcoming festive season and positive updates about COVID-19 vaccine, fast-fashion retailers will have the potential to make up for a substantial share of sales that were lost during the pandemic. Digitization, value for money and focus on transparency, circularity will be vital to the growth of fast fashion in the near future.”
The coronavirus pandemic was a once-in-a-lifetime test of business continuity planning for retail businesses across the globe. Even when things have stabilized to an extent and economies are gradually opening up, the industry is being confronted by a string of questions, the hardest of which are
Welcoming Vineet Jain onboard Lalit Agarwal, CMD, V-Mart Retail says, “We are delighted to welcome Vineet to the V-Mart family. Vineet brings both depth and breadth of leadership and operational experience in the value retailing format, and a customer-centric approach that would help accelerate V-Mart’s growth and market leadership journey”.
In India, handloom is the second-largest economic activity after agriculture and is a major source of employment. Kankatala has been working with 50 major weaving clusters of India and like most of their patrons, their weavers to are associated with them since 3 generations. The brand has touched the lives of more than 1 lakh weavers over years. The pandemic had put the industry on a stand by making it difficult for the weavers to make ends meet. To support them, for the first time, the e-commerce portal has also been offering discounts on select products. This has enabled the patrons to avail their favourite products at discounted prices and weavers to start weaving again making it a win-win situation.
Speaking on the occasion, Amar Nagaram, CEO, Myntra, said, “Our ‘Big Fashion Festival’ has had a fantastic start, with customers shopping for 1.2 million products in the first 12 hours, making it the biggest festive event at Myntra to date. We feel elated with the phenomenal opening response with over 2 lakh new customers participating in the Big Fashion Festival so far.
Customers will be offered a full line up of over 20,000 items, including iconic products as Ultra Light Down jackets, EZY Jeans, HEATTECH, AIRism masks, Fleece jackets and UT. While the company is actively engaged in building a robust e-commerce solution, given the current challenging situation, this interim solution is to provide customers a way to easily access and experience the brand.
C Krishniah Chetty Group of Jewellers – “We are using Artificial Intelligence for color grading of our diamond. Apart from this, we are also using Virtual Reality to let our customers try our products virtually. While trying, it also lets customers change the colour of stones and gold,” says Dr. C. Vinod Hayagriv, Managing Director & Director, C Krishniah Chetty Group of Jewellers.
Speaking about the association, Avinash Mane, Commercial Head, South Asia, Lenzing Group said, “As global industry leader in sustainability and innovation, we at Lenzing fibers are pleased to collaborate with Myntra to power eco-friendly fashion for Indian consumers. This collection brings a perfect mix of fashion and sustainability. Through this we hope to create a larger outreach among consumers as well as industry on adopting alternative resources and processes in their brands.”
A novel way in which the jewellery sector has adopted technology is by helping consumers visualise products online with an added element of personalization. This helps the consumer fully engage with the store. It also serves the purpose of helping consumers see what a product will like with regard to quality and style before they spend their hard-earned money on it.
While the coronavirus pandemic immobilized the entire world, fashion continued to evolve. In fact, the lockdown and the lull has triggered new trends in fashion. As the world became restricted to their homes, consumers’ started gravitating towards fashion that catered to the new normal — comfortable and presentable clothes that can easily transition from work from home to work-out, to grocery-run and social-media appearances. And this is where loungewear came in!
With changing consumer shopping habits and preferences owing to lockdown and pandemic, the key element is to stay connected and understand the behaviors and intentions of the customers. The importance of interacting with the consumer, even digitally, has increased more than ever and is crucial to execute a winning retail marketing and advertising strategy.
UNIQLO decided to launch its mask internationally following a release in Japan in June, which proved wildly popular from the first day it went on sale. This outstanding response reflected the excellent performance and feel of the AIRism fabric and strong consumer confidence in the UNIQLO brand.
“The consumer has been subject to a massive metamorphosis. But the resilience that we have seen in our consumers is very heartening for all of us in the retail industry. What businesses need to do now is track the change in consumer expectations as well emerging trends,” said Abhishek Ganguly, MD, Puma India & Head South Asia.