Every year the fashion industry drives a significant profit to the global economy. It is one of the biggest, yet most challenging industries impacted by hundreds of factors, including economic uncertainties and digital transformation. In response to this new digital wave, many fashion brands and retailers are under pressure to innovate while at the same time being cost-conscious. Brands have started to improve their speed to market, as well as automate their core product design, manufacturing, and supply chain process.
Why the digital transformation right now? Because consumer expectations have reached an all-time high. Shoppers are no longer content with the simple purchase transaction; they want to have an experience attached to it. They want to interact, belong, influence and be the personal version of the brands from which they buy. There is no doubt that most consumers use social media channels before, during or after making their purchases to tell the world about their ownership of the brand.
Fashion brands have no option but to become digitally-savvy in order to adapt to this digital transformation. It is now fundamental for fashion brands to redesign the entire consumer-brand relationship because there are no more standard consumer segments, no more geographic restrictions, and no more one-size-fits-all solutions.
This white paper takes an in-depth look at the major changes in the global retail industry including "The Retail Apocalypse", the rise of digital commerce, and the ways in which retailers are adapting - like improving their brand experience and scaling their business.
The white paper includes: