Consumer Demand for Instant Gratification: From Runway to Retail
The emergence of digital media into the fashion world has helped revolutionize the industry and today the average consumer can easily access their choice of on-trend clothing instantly wherever they may be worldwide.
In the past fashion enthusiasts had to wait for a very long time, sometimes up to 6-months before seeing runway designs hit the shops. This lengthy timespan allowed trend inspired copycat labels to develop cheap and counterfeit versions of what had been showcased on the runway. The fake and cheap copies would quickly hit the shop floor and make sales and by the time original versions were available it was already too late.
Thanks to the internet and an updated and rapid approach to the fashion supply chain makers of luxury apparel such as Canada Goose can now swiftly showcase, sell and reach their customers on time.
Here are some of the concepts developed to ensure high end customers gain luxury brand products fast:
Benefits of See-Now Buy-Now Approach
The old format of showcasing a season ahead has changed designers now have the advantage of presenting their products on the runway with the immediate offer of See-Now Buy-now products ready for purchase in-store or online, along with accompanying accessories. This concept shuts down any counterfeit products from making entry onto the market.
Many brands have embraced the See-Now Buy-Now concept and they are using social media platforms and partnering with high-end online retailers to reach their customers. The new idea of See-Now Buy-Now allows retailers and consumers to connect and capture the excitement of the runway experience as it happens. ‘Speed of response’ is a well-used phrase by suppliers who are now making designs in-season and within a timeframe of weeks as opposed to months.
Social Media Buzz Sales
Previously, Fashion Week was a closed door event for press and buyers only but now digital media has transformed the Fashion Week’s around the globe into a marketing opportunity. When the latest collection is showcased the event can now be live-streamed making it accessible to a much wider audience and potential customers on a global scale. But despite the simplicity and advantage of creating such a buzz online many brands have yet to capitalize on this marketing opportunity.
Working in-season and with a faster turnaround ensures that suppliers can react more easily to sales and not mass produce stock that could well end up on discount rails, or as unwanted stock. Brands now need to leverage shared knowledge and co-create with retailers, suppliers, designers, plus everyone, from the start of the process to allow them to seamlessly move from design to retail ready product.
It is vital when retailers are looking at forward trends that they predict accurately and work closely with what customers are actually buying. Fashion calendars without seasons are on the rise and this is down to working with global customers and streamlining the supply chain process. Understanding your customer and adapting best selling styles are key to sales success.
Creating a Seamless Experience
Technology is making it easier for brands to give consumers a stress-free process to gain access to a new collection directly from the runway. In 2015, Rebecca Minkoff introduced the idea of VR technology for a 360 experience to view her runway show. For stores, Rebecca brought the idea of having an interactive experience where dressing rooms are designed with touch screens plus a tracking system that sends emails to consumers after leaving the store. These ideas and many others are the effective concepts that brands are taking into consideration to give their consumers a better experience across all platforms.
Integrating technology has transformed the fashion industry to another level with top brands like Tom Ford and Burberry incorporating leaner production methods and a range of online incentives. For those consumers who do not want to wait they have the option to buy a runway look as they see it, or at least get their name down on a waiting list. This speedy process helps retailers connect with consumers, understand what they like and respond to and market products accordingly. This is market research gold and thanks to the internet and online sales consumer habits are now more accessible than ever.