Consumer data tracker, PSFK Research, has analysed sustainable models
and solutions to assist retailers as brands face unprecedented challenges
in 2020.
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Due to the toll Covid-19 is taking on the fashion industry, fashion
brands and retailers are placing new value on accessibility, circularity
and efficiency. Sustainability is at the focal point of many retailers as
the resale market is projected to increase from 7 billion dollars in 2019
to 36 billion dollars by 2024, according to PSFK Research.
E-commerce has become significantly more vital to the survival of brands
as those without an online presence are experiencing a decline in
accessibility. A perfect example of this is Zara owner, Inditex, who is
reportedly investing 1 billion dollars between now and 2022 in its
ecommerce operations, as a result of its surge in online sales during
lockdown.
PSFK Research investigated new forms of customer acquisition to help
retailers and brands predict what their demand will be, in ways such as
digital transformation, virtual and user-generated marketing, business
models and connected logistics: six trends stuck out to them.
Six trends which outline business practices and models
Alternative distribution models are methods in which existing services
offer customers new packages. For example, invite-only emarketplace, Italic
Black, works by bringing manufacturers and consumers together to offer its
members access to unbranded luxury goods at wholesale prices.
Retailers are using co-created content between the brand and their
ambassador to make use of both existing fan bases and communities to launch
campaigns and collections. Size-inclusive fashion brand, Eloquii,
collaborated with influencers to model the retailer’s clothing from their
home which gave them creative independence and original content for the
brand.
Technology providers are partnering with retailers to create internal
solutions in order to achieve a greater knowledge of their inventory, this
is called connecting inventory. Fashion outlet, Otrium, sells end-of-season
clothing from other brands that would otherwise have to dispose of them.
Fit-tech creates an enhanced shopping experience by reducing the rate of
size-related returns. Reality tech company, Vertebrae, develops virtual
tools intended for users to try on products such as hats, jewellery and
sunglasses.
Rotating closets is a movement that is becoming increasingly popular as
consumers still want the excitement of new clothing, but without the
commitment of wanting it forever. An Irish rental platform, Nuw, is a
clothes-sharing app that is taking full advantage of this trend for a
savings-focused consumer.
Virtual runways are becoming the new normal, even before the pandemic,
as the traditional fashion show was in a state of confusion about where to
go next. Wholesale platform, Joor, came up with Passport which is a virtual
tradeshow portal where buyers and retailers can browse and place orders.
Photo credit: PSFK, Facebook