Business of Fashion released their “State of Fashion 2019” report and illuminated key trends across the board that industry leaders should be aware of. Within this report are the key shifts in consumer behavior. In order to succeed in the coming year, brand and company owners need to be able to identify these trends and know how to properly execute on these.
Rent now, buy later.
The top trend has been the shift towards consumers (especially within Millennials and Generation Z) preferring to spend their money on renting clothing, buying recycled clothing, or rent clothing and have the option to buy it later. This means that the demand for totally new clothing has radically decreased, but the need for a garment’s lifecycle to extend has drastically increased.
With consumers considering clothing old after just two wears, the expense of constantly buying new clothes is unappealing. Companies like Rent the Runway or Stitch Fix saw this trend and jumped ahead to be the leaders in this niche. These brands have excelled by identifying this trend and intensifying the need for companies to offer the same options. If you are offering your consumer the ability to have new clothes for a fraction of the price, your brand will remain relevant and grow with your consumers.
Support relevant causes.
Getting behind social issues can be a risky move if your brand cannot execute properly. Saying that you support a certain movement, but not fully embodying that movement is easily detected by consumers and will backfire completely. Dedicating yourself to completely understanding what the movement is about and making sure that your brand or company’s mission aligns with that is imperative to your consumers wanting to support you.
Nike supporting Colin Kaepernick as the face of athletes protesting the National Anthem was extremely controversial, but raked in over $163 million in media exposure in just a few days. The execution of pulling off a successful campaign in supporting social causes could prove to be tremendously lucrative to brands and grow and/or strengthen their brand loyalty with consumers who are now more than ever less likely to remain loyal to just one brand.
Think about how immediately anxious you are to receive your package when you order online. The entire shopping experience has been completely redefined by the speed and convenience of Amazon and the convenience of Amazon Prime. Your consumers expect and demand this same kind of experience when shopping your brand. If you can integrate any type of technology in order to make their experience smoother or more efficient, then you need to in order to keep them engaged with your brand.
Virtual reality, artificial intelligence, and offering direct suggestions based off their shopping habits or inspiration images are all ways you can retain customers. Consumers are looking to brands of all sizes to exceed their expectations and needs, but to be constantly innovating the way they’re doing it, as well.
We’re no stranger to this topic here at Suuchi Inc. We have created our PLM software, the Suuchi Grid, in order to assist brands to have a completely transparent supply chain to share with their consumers. Shoppers want to know exactly what type of product their money is going towards and will pay more to make sure they can ensure that. If you’re not building the trust between yourself and your consumer, you will not be able to establish any loyalty.
Many brands in and out of the industry have found ways to creatively share the story behind a product. RXBAR has built their brand around clearly stating what exactly is in the product and displaying it on the front of the package boldly. This an example of a simple, creative way to provide the transparency that your consumers want and a great way to build up your marketing.