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What Are The Innovations Affecting The Global Garments Market?
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The apparel industry is witnessing tremendous growth globally. People are preferring more flexible fabrics and clothing styles and keeping up with the latest trends in the apparel industry. Apparel brands, especially the fast fashion and direct-to-consumer models, have been able to innovate quickly and meet the varied consumer needs. Competition is a concern in any business, and the garments industry is no stranger to it. Not being abreast with the changing trends will only spell disaster for businesses dealing in garments.
According to reputed analysts, the global garments market is expected to expect to expand at a compound annual growth rate (CAGR) of 4.4% during the 2018–2023 period, generating revenue worth USD 1910.7 Bn by 2023. The garments industry is uniquely innovative and competitive and there are no signs of slowing down anytime soon.
According to thorough Global garments market research, some of the Innovative approaches followed by brands are:
1. Omnichannel Approach: the concept of integrating all the consumer touch points such as brick and mortar, social media, online and mobile etc, to improve the customer experience. Many apparel brands have prioritized providing an Omnichannel experience since 2018. But for this, they must completely understand the wants of their customers. Technology has provided brands with the entire mass of customer data, however, the trick is in understanding the need and working towards fulfilling it. Whether it is focussing on perfecting one channel or the journey on a whole, fashion brand and retailers have seamless customer experience as their foremost goal.
2. Pastels are in vogue at present the fashion industry is hitting it out of the park with nudes, greens, and sea-greens. These colors are always up for innovation and designers are seen adding heavy embroidery, bling and lighter colors on their pastel creations. Pastels can be worn in several ways and they can be easily styled and go well with multi-colored patterns.
3. Fostering Brand Loyalty: Reaching out and converting customers is easy, retaining them is difficult. Rapid innovation in retail has created almost unrealistic expectations among customers. There are various ways to foster customer loyalty to a specific brand. Mobile apps and reminders, reward programs, social media campaigns, discounts, birthday gifts etc. all this said, the quality of the product too should remain good otherwise, customers will be attracted to another brand.
4. Investing Time and Money in Personalization: Providing individual attention to customers has been one of the biggest themes amongst fashion and apparel brands. As consumers care a lot about authenticity and individuality, brands have started to collect personal data of their clients and engage with them on a one on one level to get to know their tastes and preferences better. This makes the life of the customer so much easier and gives the brand a customer-centric reputation. Without personalization, the brand may risk providing the customer with a memorable experience. Showing that they care enough to incorporate client preferences into their designs helps them retain customers and build a loyal client base.
It is clear that no single brand has figured the code to complete client satisfaction, the global garment market is still in the trial and error phase and brands and apparel retailers are investing in innovation to stay ahead of their competition.
Written by a content marketer who keeps updated on industries for market research purposes and studying them.
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