Trends in the Apparel Industry: Retail Market Readying Itself to Take-on the Competition via Discounts
Akhil Jain, Executive Director, Jain Amar (Madame), 0
A pricing strategy is an important element of a lucrative business & a discount pricing strategy is useful for driving traffic and sales short term, however used as a long-term strategy. Everyone is running in this rat race. There’s always a thick competition with everyone elbowing each other and struggling to be the front runner.
Store closures, mall vacancies and the growing supremacy of online shopping will continue to encourage fashion companies to stay agile and adapt to the evolving landscape by focusing on their own resources and consumer services.
If there are any major technological improvements in the apparel manufacturing space and if there are strides made in going ecofriendly with the same?
The industry is adding wide range of ingenious techniques to add value to its garments. Undoubtedly, tech is transforming fashion at a faster pace than ever. From robots that sew and cut fabric to AI algorithms that predictstyle trends and VR mirrors in dressing rooms, technology is automating, personalizing, and speeding up every aspect of fashion.
With the rise in e-commerce industry in our country,
brands are taking strides to make sure that consumers get what they desire as quickly as possible & for as low as possible. But in this process, the quality of the products they are using is only deteriorating.
Are there any major expectations from 2020 as opposed to 2019 in the apparel manufacturing, marketing and retail space?
2020 is going to be even better in terms of manufacturing, marketing & retail space. The world will look very different for apparel companies in 2019 than it does today. Fashion consumers have become more environmentally conscious than ever before. They expect ecologically unobjectionable fabrics reduced emission of toxins, great social commitment and a very fair treatment of employees in production facilities. It is expected to manufacture more sustainable products which entail a complete rethinking of functions and processes.
Approx. 35 percent of consumers rely on recommendations from social networks. Young fashion customers readily use a spectrum of digital platforms to get information on trends, exchange experiences or compare prices.
The Indian retail industry has emerged as one of the most vigorous and fast paced industries due to the entry of many new players and India are world’s fifth largest global destination in the retail space. Contrary to 2018, India’s retail market is expected to increase by 60 percent to reach by 2020 due to the noticeable factors like rising incomes and lifestyle changes and increased digital connectivity.
Online retail is constantly growing in India and is expected to become world’s fastest growing e-commerce market, driven by robust investment in the sector and rapid increase in the number of internet users.
Conclusively, both organized and unorganized retail companies have to work together to ensure better prospects for the overall retail industry, while generating new benefits for their customers. Nevertheless, long term outlook for the industry is very positive sustained by rising incomes, favorable demographics entry of foreign players and increasing urbanization.
Are there any major expectations from 2020 as opposed to 2019 in the apparel manufacturing, marketing and retail space?
2020 is going to be even better in terms of manufacturing, marketing & retail space. The world will look very different for apparel companies in 2019 than it does today. Fashion consumers have become more environmentally conscious than ever before. They expect ecologically unobjectionable fabrics reduced emission of toxins, great social commitment and a very fair treatment of employees in production facilities. It is expected to manufacture more sustainable products which entail a complete rethinking of functions and processes.
Approx. 35 percent of consumers rely on recommendations from social networks. Young fashion customers readily use a spectrum of digital platforms to get information on trends, exchange experiences or compare prices.
The Indian retail industry has emerged as one of the most vigorous and fast paced industries due to the entry of many new players and India are world’s fifth largest global destination in the retail space. Contrary to 2018, India’s retail market is expected to increase by 60 percent to reach by 2020 due to the noticeable factors like rising incomes and lifestyle changes and increased digital connectivity.
Online retail is constantly growing in India and is expected to become world’s fastest growing e-commerce market, driven by robust investment in the sector and rapid increase in the number of internet users.
Conclusively, both organized and unorganized retail companies have to work together to ensure better prospects for the overall retail industry, while generating new benefits for their customers. Nevertheless, long term outlook for the industry is very positive sustained by rising incomes, favorable demographics entry of foreign players and increasing urbanization.