In the recent past, many successful businesses who once were the leaders of their industry have either lost their status as the gold standard or have gone out of business completely. These rapid declines have come as a shock to many people and begs the question of why these business are losing their status so quickly. The main reason why many of these businesses have lost their tremendous success is that they lack the ability to stay agile in an ever-changing world.
It’s no secret that technology is completely revolutionizing the way that everything is done. Companies that are now seeing tremendous success have been able to champion improving technologies in order to transform ordinary industries. The ones who have failed, however, didn’t capitalize on that technology at all or were too slow to adapt. This is why keeping your business agile is imperative to success no matter what market you’re in.
In fashion specifically, technology is the new standard to predict trends and to reach your consumers. Influencers and celebrities now control what the next big trend or style will be simply by what they post on social media. Designers and brands need to be constantly connected to these thought leaders in order to make sure their brand is putting out the styles and designs their audience is going to be demanding.
On top of this, technology is completely revolutionizing how consumers are making purchases. Consumers want to be able to make purchases right as they’re seeing products—whether that be through a website, a “shoppable” Instagram post or through a text/email/app notification. No matter which virtual option you use to reach your customer, you need to make sure that you have created a dynamic enough experience that they can still get the help (i.e. live chat) they may require—just like if they were shopping in-store.
These same experiences should be incorporated in-store, as well. The last thing you want is your customer to become bored during their shopping experience or get distracted and start looking for products from a competitor. You want help to be readily available, products that are easy to find and a unique buying experience.
Technology can also keep your brand agile by having a faster speed-to-market. Social media and the internet has changed how quickly trends are expected to be available. If your supply chain is removed and lacking technology, there is no way your brand will be able to keep up with the speeds needed to stay relevant. By partnering with a manufacturer that has incorporated technology (especially one located in the US) into its process, you will be able to have a faster turnaround time on your products.
While incorporating technology into your fashion business might not be the first thing you think of, it is necessary in order to keep your brand agile enough to keep up with the constantly changing trends of the industry. It could be as simple as adding in the option to buy a product directly from your Instagram post or can be making the choice to work with a tech-integrated manufacturer.