Home ›› 17 Aug 2021 ›› Editorial
Fashion is defined as the styles of clothing and accessories worn by people at any given time. In the 21st century the trends of fashion dominate the world more than they ever did and control the way people dress. Now a days fashion is bold and daring and this reflects a generation that is not afraid to say what they think or wear. Fashion is not just a means to cover body with clothes, it reflect the personality and beliefs. Fashion unifies men and women around the world. At times people portray their own style encompassing their beliefs and likings. To keep up with latest fashion people keep eyes on what is happening in shops and what has been in the shops for a long time. Fashion shows what the designers are putting up on the cat walk. Wealthy people have at times their own personal relationship with designers, who will keep them ahead of what comes next. Fashion changes in seconds but it never changes its hold on the society.
In this regard there was a story. Two close college friends met after a decade. Upon meeting both decided to sit and gossip. So they planned to sit in a restaurant, but one of them appeared to be a little hesitant. The other friend upon enquiry came to know the hesitant friend needed to go home to deliver the blouse he had been holding so that his wife could wear it before the fashion changes. This is the best example of showing how fast fashion changes. To be ahead of fashion is for many an achievement. Marketers market those which people put on fashion and will continue to maintain a dominant position in society. Fashion industry is a multi-billion dollar global enterprise. We should remember fashion industry encompasses design, manufacturing, distribution, marketing, retailing, advertising and promoting all types of apparels.
Every year fashion industry gets a new look, new dimension, which could be optimistic or pessimistic for Ready Made Garments manufacturers. Therefore, it is better to know the future trends as one can cope with it. McKinsey and Co. and Business of Fashion in a report said that though “uncertain” and “Challenging” trend remains the top concern of big companies. As per the report industry players are coming to accept unpredictability as the new and fashion executives will respond by focusing their energy on improving what is within their control.
Pandemic, economic uncertainty, geopolitical turmoil and unpredictability are the current realities of the global fashion industry. Shop closures, mall vacancies and the growing dominance of online shopping will continue to encourage fashion companies to stay nimble and adapt to evolving landscape by focusing on their own resources and consumers services. Fashion companies are to pursue more technology to stay agile amid political tensions and economic disturbances including Brexit, Pandemic and other international trade challenges that have been escalating.
We have already entered into a new phase of globalization, driven by digital connectivity and flow of data and this will lead to much greater global connectedness, not less. Cross border bandwidth has risen approximately 80 times since 2005 and over the course of a decade, data flows have risen the global GDP by more than 10%. Consumers are estimated to spend $ 1 trillion on cross border e-commerce by 2021 and 900 million people have international connection on Social media, providing fashion tycoons the opportunity to grow.
Western companies may face more competition from Asia because about 60% of world’s e-commerce and more than half of global sales are being covered by Asian companies. Asia is to account for more than 40% of global apparel and footwear online sales. Western companies are now moving toward East. Asian online apparel market is expected to reach $ 1.4 trillion by 2021
Global fashion companies are shifting their focus on the consumer and prioritizing personalization in their strategic efforts to revamp up loyalty and sales. McKinsey report states that 41% of the consumers demand personalized services to continue value authenticity and sustainability in their wardrobes.
It is predicted that global on line platforms like Amazon will experience two to three times more revenue compared to past three years. While consumers frequently websites to compare prices and products, global online platforms are expected to expand their fashion brand partnerships and develop additional method to stay competitive in the digital shopping space.
McKinsey report says that there will be 8 -20 times more mobile payment transaction value compared to 2015. With more facilities consumers will ask for Smart Phone.
Artificial Intelligence is set to disrupt the fashion value chain by stream lining product sourcing, manufacturing and distribution. More and more fashion companies shall take sustainability beyond their Corporate Social Responsibility (CSR) agendas and making circularity part of every point in their supply chain. From source to production / distribution fashion will creatively explore recycling concept, including fiber made of recycled plastic bottles and clothing take back program. Off priced sector remains a double-edged sword. Consumers will love to bargain and off price retailers. Global fashion industry is turning to off price to boost sales and gain consumers. Agility, Collaboration and Versatility to become new cultural norm among fashion companies. To stay competitive, fashion companies will experiment with new types of talent, new ways of working , new partnerships and new investment models.
The writer is former Director General, EPB and Adjunct Associate Professor at ULAB, Primeasia, South East and BGMEA University of Fashion & Technology
