The fashion industry is a constantly changing and evolving environment. The past few decades have seen an explosion in the number of brands, styles, and designers. The future will be no different as technology changes how we shop for clothing, what we wear to work, and even how it’s made. What do you need to know about the trends that are shaping this industry today? How can you overcome some of the challenges? And what’s next for this dynamic field? In this blog post I’ll share insights from my recent article on The Fashion Industry: Trends, Challenges and Future.
The Fashion Industry: The Most Popular Brands in the World
The fashion industry is a $19 trillion-dollar global market. Over half of all clothing worldwide is produced by just 20 brands. But there are thousands more brands creating high quality pieces that you can buy online or at your local department store. The most popular designers and labels include names like Nike Inc., Adidas AG, Zara parent Inditex SA, H&M Hennes & Mauritz AB , Uniqlo parent Fast Retailing Co., Ltd., Forever 21 ( see reference list ) . Technology’s Impact on Retail The way we shop for clothes has changed dramatically over the past decade with eCommerce now accounting for 13% of total retail sales figures globally.
For starters, mobile shopping apps have made it even easier to browse for clothes and buy from your phone. The industry is also experiencing a boom in fast fashion, with retailers like Zara creating new designs every two weeks that are then available to purchase within the same month . The rise of eCommerce has not only impacted how we shop but where we shop. Brick-and-mortar stores have been closing at an increasing rate over the past few years. Due primarily to competition from online shopping channels ( see reference list ).
What You Need To Know The way people approach their wardrobe will change throughout 2018. As they become more interested in higher quality pieces that last longer than just one season. There’s less pressure on women especially when it comes to owning certain items such as stilettos and other shoes that can be extremely uncomfortable. The emphasis is shifting more towards comfort and practicality while still staying on trend ( see reference list ) . The idea of slow fashion will also rise in popularity. Brands like Patagonia have been doing this for years by creating high quality clothes made from recycled materials or organic cotton. Yet they charge fair prices (see reference list).
How Can You Overcome Them? The biggest challenge facing the industry at present is counterfeit clothing. It results in loss of revenue and devaluation of legitimate brands across the board. The use of technology such as RFID tags to help track garments throughout their life cycle could prove vital in preventing counterfeiting and restoring consumer trust (see reference list) . The ever-increasing threat of hacking and data breaches is another concern. The main challenge for the future will be how brands manage growth in order to meet demands from consumers. While still maintaining high quality products that live up to their promises (see reference list).
What’s Next For The Industry? The next trend you’ll see developing is a rise in luxury streetwear as more people seek out higher end designers like Prada or Gucci who are now moving into this category due to increased competition from fast fashion retailers such as H&M. Another big development we can expect is an increase in personalized shopping experiences thanks largely to new technologies such as Virtual Reality (VR) and Augmented RealityAR). Imagine being able to stick on a VR headset and immediately see how clothes will fit you without even trying them on (see reference list). The more tech-savvy brands like Burberry are already capitalizing on this new trend. But competition is expected to increase over the next few years.
How Will The Industry Look In The Future? The future of fashion looks bright in spite of all the challenges it faces today. New technologies such as NFC chips in clothing tags or use of bioplastics made from renewable natural materials will help drive sales for forward thinking brands that embrace these changes early. We’ll also continue to see a rise in ethical shopping with consumers becoming increasingly aware about where their products come from and what conditions employees work under when they’re making them (see reference list). The old adage of fast fashion being cheap and cheerful will take a backseat as demand for high-quality products increases.
Mobile shopping apps enable customers to browse from their phones.
There is also an increase in fast-fashion retailers like Zara creating new designs every two weeks that are then available to purchase within the same month .
Brick-and-mortar stores have been closing at an increasing rate over the past few years due primarily to competition from online shopping channels ( see reference list ). The way people approach their wardrobe will change throughout 2018. As they become more interested in higher quality pieces that last longer than one season. There’s less of a focus on disposable clothing and more of an emphasis on investing in timeless items that never go out of style. The idea is to buy less but better (see reference list). Get more information on https://stylecluse.com/.