Creating a unique experience
Fashion retail brands and outlets are striving hard to gain customers attention and create a unique experience for them. Brands that are able to drive engagement and create a positive customer engagement often obtain 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. Apart from providing a positive experience, fashion retail stores should also focus on store interiors that enhance the overall customer journey, leading to sales.
Inventory management
Brands in the fashion industry usually roll out their new collection based on seasons. Most brands typically plan to roll out new designs for 2-3 seasons in a year, which results in a longer time-to-market. In todays dynamic world, there can be a vast difference in consumer preferences in the space of few months. External factors also affect sales in the fashion industry. For instance, if the summer hasnt been hot enough, apparel brands will slash their prices to get rid of the unsold stock. 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.
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Sustainability and compliance
There have been multiple instances of international law violations and labor practices in the fashion industry. For instance, recently, workers have started leaving notes in Zara apparel stating they didnt get paid for their work surfaced online and it went viral on social media. Additionally, there have been multiple instances where fashion brands were accused of using child labor, providing hostile working environment, and misusing natural resources. Apart from that, increasing wastage in the fashion industry has also been a topic for debate. Companies in the fashion industry have to navigate through all the sustainability measures and ensure compliance to maintain a positive brand image.
Discounting and competition
Fashion retail brands are increasingly reliant 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. Additionally, fashion retail outlets are providing aggressive discounts on special occasions such as Black Friday, Christmas, and Cyber Monday. It is challenging for players in the fashion industry to maintain a healthy margin when competitors are offering heavy discounts.
For more information on challenges in fashion retail, logistics and supply chain problems in the fashion industry, and market overview of the apparel industry – Request more info.
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