O FASHION RETAIL has been undergoing an intense transformation since 2020 because of the pandemic and the changes that have come and transformed the market, the way of consumption and many other aspects of everyday life in fashion retail.
For consumers, more comfortable and casual clothing is gaining space in their closets, as many have started to spend more time at home. What hasn't changed is the way they express individuality and personality through their clothes.
For the fashion retailthe changes were a little more complex, with the incorporation of new processes, new ways of relating to the consumer, and the integration and unification of sales channels. All this to make the customer experience as complete as possible.
With so many changes in the in the fashion industry and in consumer habits, what are the market trends and how are the big brands adapting to these changes and taking the fashion retail to a new level when it comes to technology and innovation.
How to innovate in online fashion retail?
Technology has become a powerful ally for the fashion retailer that is adapting to the new scenario. The importance of adding technology and experience becomes something essential for a more personal contact with the product, and the user experience more complete and as close to that offered in physical commerce as possible.
Many of these innovations consider delivering a personalized experience together with virtual reality, a technology that is being explored not only in the fashion industrybut in segments such as tourism and art, construction and decoration, and many others.
Channel engagement and integration in the fashion industry
One of the features that was very important for the transformation of retail as a whole was channel integration.
Many companies had a parallel look at their digital operations, treating it as a separate part of the other channels. The understanding that digital and traditional retail can have involvement and be integrated creating a much more complete and efficient operation for the customer.
The creation of a new 360-degree look to diminish the boundaries between online and offline makes companies in the fashion industry fashion companies can explore different business models, such as the pick up store, infinite shelvingunified inventory, faster and cheaper delivery options to the customer, and of course, better quality customer service and a better understanding of the buying journey.
In addition, more dynamic channels such as whatsApp, has become important not only for sales, but for the relationship with the customer in various parts of the buying journey. The trend is that this channel will continue to be part of the strategies and will be improved so that the customer can talk to a salesperson, ask questions, get photos and insider information from their favorite brand.
Co-operation between brands in online fashion retail
One possible way for players in the fashion sector is to rely on niche fashion marketplaces to support brand sales.
Players with more experience or that already have a significant online presence can use this advantage to help a partner that is not yet at the same point in the journey. By developing their own marketplace, these large retailers are able to help small and medium retailers operate their first digital initiatives.
The advantages for these large brands range from increasing their reach, and offering a variable product mix to the customer which will consequently bring higher profits. For the small and medium entrepreneur that is starting up and still doesn't have the business expertise, they can use a complete and high performance structure.
Today, we already see big brands like Magalu and Mercado Livre growing significantly, helping small and medium retailers through this business model.
What will always be a trend in fashion retail?
What will always be a trend for retail in totality is customer service, product variety, faster deliveries. These are already requirements for being successful online.
Looking at the fashion industry, customer service and fast delivery already catch the attention of consumers who are looking for convenience and don't mind paying more for shipping if it means more extra benefits.
Moreover, the possibility of delivering a product in a few hours can leverage new business, but for this it is necessary to structure the operation and have a solid foundation about your persona to understand if this type of strategy is interesting for your audience.
And, of course, the way your brand handles your client's data will also be important. Online we have access to a lot of information that is interesting to personalize customer service and even to make more targeted purchases.
It's up to your company to understand how to use this data within your strategy, without hurting the customer's privacy. The LGPD is in force and this calls for a doubled care with the collection, analysis, use, retention and disposal of data.
At Codeby, we work with several brands in fashion retailwith cases of technology and innovation for the sector. Want to know more how Codeby can help your business take advantage of online opportunities? Please contact us.