Fast fashion is changing the way retailers produce, promote, and sell their goods.
New trends used to sustain the market demand for an entire fashion season, but fast-fashion retailers are moving them from the runway to the closets of customers in just a matter of weeks, if not minutes.
Fashion shows are no longer restricted to people in high society—celebrities, boutique owners, magazine editors, and the like—hence allowing the general public to see the latest trends as they unfold on the catwalk thanks to photo and video-sharing platforms.
As the ‘see now, buy now’ trend, which means “I want it now” in shopper’s lingo, flourishes on social media, it pressures retailers to give in to the consumers’ strong impulse for instant gratification.
So if there’s a high demand for the handbag modelled in the recent fashion show, that leaves you, the retailer, with no choice but to make it immediately available to your customers.
For retailers like Zara, TopShop, and H&M, fast fashion is a lucrative segment of retail as they can easily and quickly get on-trend pieces straight from the catwalk and into their virtual shelves.
For others, though, that practice shortens the production cycle of a product and quickens its consumption.
It may sound like a tedious process, but fast fashion actually has its benefits if you have a workable plan in place.
How to keep up with fast fashion
It would really be nice to make money out of a new product even before it hits boutiques and department stores.
But while it can help diversify your product line and boost your revenue, fast fashion can also hurt your business if you’re not prepared.
Having said that, it’s important for business owners like you, regardless of what you’re selling, to study your customer data so that you can always be one step ahead of your customers.
Your customers’ behaviour and expectations can change rapidly, but having access to their data will enable you to predict what they’re going to buy in a month’s time and which shopping platform they intend to use.
That vital information will give you enough time to prepare what they expect from you, and adopt new ways to speed up the process.
Also, your customer data gives you the ability to introduce more products which are aligned with the interests of your most valuable customers.
What’s your take on fast fashion? Let us know your thoughts in the comments below.
To your continued success,
Dave & Matt