LONDON--(BUSINESS WIRE)--A well-known market intelligence company, Infiniti Research, has announced the completion of its latest article on the retail industry. This article examines some of the key fashion retail industry challenges.
The fashion industry has transformed significantly over the past few years. The fashion industry has not just grown in terms of volume but also in variety. The rise of e-commerce has also contributed to the growth of fashion retail. Such impressive growth of the apparel industry has also brought about its fair share of challenges to the retailers in the sector.
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Growing consumerism
Modern consumers have the option to choose from thousands of brands. They also have the option of using multiple channels for purchase including retail stores, e-commerce platform, or mobile commerce. Additionally, consumers demand variety and novelty. So, it is a challenge for brands in the fashion industry to provide new collections, SKUs, and product range in a short amount of time. This can create complications in the supply chain, product development, planning, production, and fulfillment.
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Creating a unique experience
Fashion retail brands are increasingly focusing on grabbing customers’ attention and creating a unique experience for them. Brands that are able to drive engagement and create positive customer engagement often gain superior brand loyalty. Fashion retail stores have used various techniques to engage the customers by providing them tablets to research and buy products, implementing click and collect model, and providing in-store entertainment.
Inventory management
Brands in the fashion industry usually roll-out their new collection based on seasons. This results in a longer time-to-market. In today’s dynamic world, there can be a vast difference in consumer preferences in the space of a few months. External factors also affect sales in the fashion industry. One of the biggest challenges faced by companies in the fashion retail industry is to exhibit agility and excellence in stock visibility, operations planning, and inventory intelligence.
Discounting and competition
Fashion retail brands are increasingly relying on discounting to drive sales. The discounting culture has been so widespread that customers are flooded with sale banners when they walk across a shopping mall. It is challenging for players in the fashion industry to maintain a healthy margin when competitors are offering heavy discounts.
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About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us
