Consumer preferences are consistently moving toward personalized experiences and quick turnaround. Fashion companies that can meet these growing expectations have a fighting chance in today’s click-and-buy market. Organizations need modernized systems that can meet these expectations as well as provide the insights into future demand.
Today’s technology is creating opportunities and providing organizations new features that are improving the fashion business world in a dramatic way. Let’s investigate the different ways technology is being applied today.
Everybody’s on the Phone
70 percent of mobile searches lead to online action within an hour. Expanding options from the traditional brick and mortar has changed the way of shopping, creating benefits to consumers and to the business.
Companies with advanced business intelligence and analytic capabilities can track mobile shopping patterns and cultivate a customized experience for consumers. Platforms like Birst allow organizations to predict, measure, and plan what their next step is as a business faster and more efficiently while being more accurate than ever, allowing sales and profit to increase.
In an E-commerce State of Mind
While a growing number of sales happen on mobile, e-commerce is not an area to be ignored. In 2018, e-commerce made up 14.3 percent of total retail sales. The popularity of the click and buy epidemic is predicted to keep on increasing with online retail sales hitting $4.1 trillion by 2021. The importance of business technology to meet these “e-needs” grows exponentially as personal devices grow more powerful.
Fashion organizations utilizing the cloud can truly focus on their expertise and strategic initiatives within fashion, rather than behind-the-scenes IT fixes and modifications. Cloud-based ERP allows fashion companies to:
Gain consumer demand. Better analytics improve demand planning for faster, more-informed decisions, improving time to market.
Speed up inventory. Cloud-based solutions create more transparency and faster fixes to bottlenecks for an improved supply chain.
Product customization accelerates. New technology calls for discovering an algorithm for customer personalization that can create instant customer satisfaction.
Larger variety. Overhead cost saving through the cloud allows opportunity for expansion in different areas of your company that you normally don’t focus on, creating higher profit opportunities to invest and sell.
International expansion. Although your organization may not be looking to expand now, cloud provides the flexibility for future growth and expansion.
Social Media transformed the way we communicate. Even the world’s largest news organizations are conforming to the way their readers digest news, adding social media to the forefront of their news delivery. Because of this communication culture shift, fashion houses and brands have to evaluate how to best set up their employees for success. Some businesses have already begun to use social collaboration tools such as Infor MingleTM, which helps organizations speed up response time, communicate effectively and share information more efficiently.
Social media also benefits organizations and consumers on the external front. New social communication platforms allow consumers to have a say in what they want. With this transformation of interaction between producers and buyers, customer loyalty increases and niche companies are able to get more exposure to key targets and faster feedback loops for a better customer experience.
Advancements in technology have opened new doors for personalized consumer experiences, improved demand planning, and modernized business processes for the fashion and retail industry. Your IT solutions that seemed so capable a few years ago are today falling short. What was once the latest and greatest is likely old hat today. What are you doing to keep up?