The disruption in textile and apparel industry triggered by digital transformation or industry 4.0, it is very likely that the RMG industry will undergo profound changes over the next few years. There is more information available than ever before about people’s consumption habits, behaviours, trends and decision drivers. The fashion industry, ranging from global discount retailers to exclusive luxury brands, drives a significant part of the global economy. tab. Digital transformation is necessary to deal with sustainability pressures that currently face the fashion industry. A company’s investments in developing advanced analytical tools to steer markdowns during the crisis will pay off almost immediately. Nearly all fashion houses and their suppliers are currently dealing with the topic of digital transformation. Digital transformation is often restricted to individual programmes or projects that affect only a small number of departments. Upgrade your digital-marketing activity to be best-in-class—for example, by adding sophisticated imagery to your social-media posts and conducting “social listening” to inform the development of new services and offers. For instance, some leading companies are using radio-frequency identification (RFID) to track products more precisely and reduce in-store merchandising manipulation. As a top executive of a leading apparel player recently declared, “We’ve accomplished two years of digital transformation in two months.”. Establish a strong data culture and ethics. Amid the pandemic, the apparel, fashion, and luxury (AF&L) industry has moved quickly to address urgent public-health needs—closing stores, manufacturing much-needed items such as face masks and hand sanitizer, and making donations to healthcare and community organizations. The fundamental enabler to all this will be data—the transparency, governance, and accuracy of which have never been more important. On the other hand, laggards (companies with less than 20 percent of total sales coming from the online channel, low digitization levels across the value chain, and siloed online and offline operating models) have an opportunity to make an “all in” bet on digital and analytics—and perhaps gain market share with smaller capital-expenditure investments, which used to be a limiting factor for many brands. Living N Fashion . As natural resources are dwindling, the cost of raw materials and carbon and financial costs of manual garment sampling and shipping back and forth from manufacturers in Asia to Europe and the US is also increasing. Besides scaling up digital sales efforts, reconfigure your store footprint accordingly—for example, by reducing presence in “B” areas (markets with lower population density and lower profitability per square meter), devoting less store space to product categories with high online penetration, experimenting with innovative formats (such as drive-through windows or pop-up stores), and making it easy for customers to perform any omnichannel operation, including complex ones (such as buying online from a store if the product isn’t in stock there, and then picking it up from another physical store in the next 12 hours). Prioritize use cases based on your business context, advanced-analytics capabilities, and customer segments. Many fashion brands take a fragmented approach to digital transformation, focusing on digitising processes or isolated functions. Reinvent your business. Strong support (or even direct sponsorship) from the CEO during the entire journey. Roger leads the Marketing practice within Deloitte Digital in Switzerland. The COVID-19 pandemic is simultaneously an unprecedented health crisis and a global economic shock. Whether it’s a personalized offer or outreach from a personal stylist, the best brands are maintaining customer relationships even while stores are closed. But, it also underlines criticalities and slowness of adoption by traditional established brands and companies. Few industries thrive on collaboration as much as fashion. Please click "Accept" to help us improve its usefulness with additional cookies. Agile techniques enable companies to release MVPs into the marketplace quickly and refine them iteratively based on consumer feedback. He specializes in engaging l... More. A clear road map and prioritization of initiatives, combining actions that help set up the enablers for the organization with the implementation of use cases that generate quick wins. But now even heritage brands have realised that if they don’t get on board with all things digital they’ll miss out on megabucks. However, investment in Big Data and analytics is wasted if decision-makers receive erroneous insights, or do not have the skills or competencies to convert solid insights into business decisions. New standards of service and experience are being set, and it is mostly about moving away from being a product brand to becoming one that shapes and implements contextualized, consumer-centric propositions – a brand that considers its entire experience eco-system. Then, during the RESHAPE SYMPOSIUM, the present and future scenarios of the fashion industry’s focus on digital transformation were presented. Along with their impact on socio-economic models. Digital and analytics leaders (companies in which online sales account for 30 to 40 percent of total sales, parts of the value chain are significantly digitized, and online and offline channels are integrated to some degree) have an advantage today but could quickly lose it if other players accelerate their transformation. While most AF&L players already have an e-commerce presence, some still don’t. But there is an urgency and momentum building up behind digital transformation, as organisations re-imagine, reshape and retool for an era in which traditional boundaries are broken. We use cookies essential for this site to function well. Well-defined key performance indicators (KPIs) to measure success. In our experience, fully integrated management of stock in stores and warehouses is core to any omnichannel operation. To go further, add personalization capabilities to your digital war room—for example, by collecting and analyzing all the available data to generate detailed insights about your customers. There are no more typical consumer segments, no more geographies, and no more one-size-fits-all solutions. For leaders with the ability and willingness to invest, the pandemic has clearly been an accelerator. Think data from the start. Fashion is one of the most challenging fields, highly impacted by global economic uncertainty as well as distinct trends and industrial changes. For instance, entice the highest spenders with special incentives (such as triple loyalty points for purchases of at least $1,000), target customers The pandemic has elevated digital channels as a must-have for AF&L players. The 3 waves of digital transformation in fashion retail It’s no secret that the rise of the internet has been transforming the retail landscape across all industries for the last fifteen to twenty years, and fashion retail is no exception. Seek to eliminate points of friction in every part of the online customer journey—for example, by improving your website’s search function and expanding your online assortment. In China, the return of offline traffic has been gradual, with 74 percent of Chinese consumers saying they avoided shopping malls in the two weeks after stores reopened. A fundamental challenge for many fashion brands is that, increasingly, they lag behind consumers’ expectations. Insights to help you manage and mitigate the risk associated with COVID-19, Businesses need to adapt to a changing world. Please try again later. For a fashion brand this means re-imagining how shopping in a digital world should play out, rather than merely digitising the shopping process for a physical world. Exhibit 6 shows high-impact use cases in each of these three areas. Something went wrong. Speed up the digitization of all support functions through robotic process automation and other leading-edge technologies. Some of the larger players have even reduced their promotion intensity to be able to handle the volume of orders. 5 digital trends transforming the fashion industry Fashion’s a fast-paced industry — but some brands have been slow to embrace the power of digital technology. For some AF&L companies, even survival may be a struggle. Although the situation remains uncertain and is evolving daily, there is a clear set of actions involving digital and analytics that AF&L players should implement now to keep the business going, stem sales losses, and plan the comeback. Our flagship business publication has been defining and informing the senior-management agenda since 1964. who tend to buy in the categories where you have the largest inventory buildup, and give online customers coupons to redeem in-store once physical stores reopen. They want to interact, belong, influence and be the brands from which they buy. Reputational risk - protecting the brand in times of change, Digital transformation - getting it right. The customer’s data is the core component of digital transformation in the fashion industry. Press enter to select and open the results on a new page. In our experience, three core principles are the most relevant: These enablers shouldn’t become causes for delay. In this article, we touch on COVID-19’s impact on the AF&L industry to date. They are no longer content with simply buying fashion products; exponential growth in the use of digital technologies has empowered them. That said, digitization won’t be a panacea. It is the convergence of digital and traditional channels, together with the rise of consumer power, that will lead to an increased demand for cohesive brand experiences. Digitisation in fashion - how is the industry changing? It has proved even more valuable in subsectors with more stable and predictable purchasing patterns, such as beauty products. At the best-performing companies, an “inventory war room” uses big data and advanced analytics to first simulate dynamic demand scenarios specific to locations (channel, country, store) and SKUs, Please see, Financial Reporting and Accounting Insights, Mergers, Acquisitions & Restructuring Services, Telecommunications, Media & Entertainment. The customer’s data is the core component of digital transformation in the fashion industry. Select topics and stay current with our latest insights, Fashion’s digital transformation: Now or never. The Challenge: Shoppers want more than an online store Revenue in the global eCommerce fashion industry is set to rise nearly 50% to $719 billion by 2022, according to a Shopify report, up from about $481 billion in 2018. The COVID-19 crisis has only widened the gap between industry leaders and laggards. Furthermore, the panel highlighted the implication of new material technologies towards market applications. Build actionable microclusters based on customer behavior. In addition, AF&L players should adopt agile ways of working to speed up development of digital and analytics products and projects. We'll email you when new articles are published on this topic. This team also helps build the road map by scanning opportunities, allocating budgets, and coordinating implementation, ensuring that all efforts are focused on delivering tangible impact rather than gold plating. A range of savings levers—such as vendor renegotiations and tactical moves to the cloud—can help dramatically reduce your operating costs. Imagine knowing how to activate consumers at exactly the right time, and have the possibility of nurturing relationships with each consumer individually – in a distinct and personalised manner. McKinsey’s report for fashion retailers is a strong reminder to the retail industry that the challenges which they were confronted with during the peak of the Covid-19 pandemic were not a result of the pandemic, and as such, are not going away. Fashion brands have no option but to become digitally-savvy in order to adapt to this digital transformation. Explore how with our latest insights. Retaining these kinds of employees will require AF&L companies to develop new talent processes—with tailored initiatives in recruiting, career growth, learning and development, and performance management—specifically for engineering and digital talent, similar to what many fashion players already do for designers and creative directors. The past several weeks have shown that it’s possible to do much more on this front than some in the industry initially thought. 10 Futuristic tech gadgets that will simply blow your mind. Nevertheless, it has been a lifeline for fashion brands as stores have been shuttered—and it will continue to be critical during and after the recovery period. Industry analysis & Market Report on Digital Transformation in Fashion is a syndicated market report, published as Global Digital Transformation in Fashion Market 2019. The industry is moving to digitally transform … A misaligned or generic digital offering may actually widen the digital divide and even pose a threat to brand and reputation. The primary drivers for digital transformation are mostly either significant opportunities or existential threats. The accelerating progression of technology and its fast-paced uptake by consumers deserves a different level of priority for many fashion brands. In turn, those were supported by emerging tools of design and manufacturing, new … Identify two categories of projects: critical projects linked to core digital and analytics priorities that must proceed as planned or at a slightly lower speed (for example, building a new data lake to enable personalized marketing) and core projects that can be delayed (such as those that don’t enable emergency response). Please use UP and DOWN arrow keys to review autocomplete results. In this industry, a main difficulty is that products go out of … Several factors are contributing to this environment, such as: It is therefore essential that companies increase their vigilance – with brand and reputation being the most important commodities to protect. And the opportunity, or existential threat, that these changes represent should be the focus for business leaders who are considering the future of their organisations and industries. 1. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more. We expect the online share of fashion and apparel in Europe and North America to increase by 20 to 40 percent during the next 6 to 12 months. Companies that have automated their finance processes—such as claims collection and financial reconciliation—have found that they’ve also increased the agility and accuracy of these processes while capturing significant synergies. If you would like information about this content we will be happy to work with you. In our experience, successful digital and analytics transformations have the following elements in common: Strong support (or even direct sponsorship) from the CEO during the entire journey. WeChat – the King of Collaboration . AF&L brands must therefore continue to communicate frequently with consumers, even if most consumers aren’t currently spending. Digital transformation is necessary to deal with sustainability pressures that currently face the fashion industry. The vast majority of consumers use digital channels before, during or after making their purchases. Leading online players, for example, are using models powered by artificial intelligence (AI) to predict sales of specific products in certain neighborhoods and cities, then stocking the predicted amount of inventory in nearby warehouses. Our consumer-sentiment surveys, conducted in April, show declines in purchase intent of 70 to Overcoming pandemic fatigue: How to reenergize organizations for the long run, What’s next for remote work: An analysis of 2,000 tasks, 800 jobs, and nine countries. Digital transformation is often restricted to individual programmes or projects that affect only a small number of departments. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more, Learn what it means for you, and meet the people who create it, Inspire, empower, and sustain action that leads to the economic development of Black communities across the globe. In our experience, successful digital and analytics transformations have the following elements in common: The first step in the transformation program should be the definition of digital priorities, which will differ based on each company’s business model and digital starting point. The fashion industry has also adapted to this changes to improve many of their processes. Sometimes it may even focus on just one area, such as Marketing or Sales – with limited or very slow returns. E-commerce is clearly not offsetting the sales declines in stores. Unleash their potential. At the same time, AF&L companies are grappling with COVID-19’s business ramifications, including widespread job losses in an industry that provides livelihoods for millions of people worldwide. So, hyper-personalization of mobile retail experiences will be huge in the near future. The digital transformation is already underway; are you ready? Please see About Deloitte for a more detailed description of DTTL and its member firms. Create a prioritized use-case road map and a technology-investment plan. During the COVID-19 crisis, the digitization of product development has proved to be a competitive advantage. Consumer habits, companies’ interactions with consumers, and the number and types of touchpoints will all change. This report studies the Digital Transformation in Fashion Market with many aspects of the industry like the market size, market status, market trends and forecast, the report also provides brief information of the competitors and the specific growth opportunities with key market drivers. The next steps in fashion digital transformation. Here are five examples of how it’s actively shaping the future for designers and customers alike. Making all stock (even stock shortly arriving to warehouses) visible to customers in any channel has proved to boost sales. Driven by the convergence of Big Data, the Internet of Things, and data science, fashion brands will be able to understand their customers better, respond to market trends and tailor their sales information and products. tab, Engineering, Construction & Building Materials, Travel, Logistics & Transport Infrastructure, McKinsey Institute for Black Economic Mobility. We strive to provide individuals with disabilities equal access to our website. WhatsApp Disappearing Messages feature now available in India . However, digital technology in the fashion industry is no trend. A digital and analytics transformation is typically an 18- to 24-month journey, requiring an ambitious aspiration, a clear plan, and concrete milestones. Companies without one can launch a basic online platform in 10 to 15 weeks. The challenges ahead of us are unclear, but we can learn a few lessons from this crisis: Digital transformation needs to be happening in all activities of the value chain from product design to retailing; Digital transformation needs to be governed by CEOs together with Cross-Functional team leaders Equally important, companies should avoid “gold plating,” aiming instead for the fastest minimum viable digital solution that will achieve the business goal. Antonio Gonzalo is a partner in McKinsey’s Frankfurt office, Holger Harreis is a senior partner in the Düsseldorf office, Carlos Sanchez Altable is an associate partner in the Madrid office, and Cyrielle Villepelet is an associate partner in the Paris office. Indeed, the pandemic may have shattered historical preconceptions and biases against digitization in core product-development processes. Roger Lay is a digital strategy, transformation and marketing expert located in Switzerland with over 15 years of experience working in various industries and geographies. Today, dressing rooms enhanced with augmented reality and social media features have … We then propose a set of actions that AF&L companies can take to build their digital and analytics capabilities—not just to ensure business continuity and minimize the downside of COVID-19, but also to emerge from the crisis in a position of strength. Build solid data foundations as part of every digital and analytics initiative in a way that allows rapid scaling and forward compatibility. From the use of brainstorming that can be realized through a video call between members of a design team located in different places of the world, to drawing a draft in a digital tablet instead of the classic paper notebook. So, hyper-personalization of mobile retail experiences will be huge in the near future. collaboration with select social media and trusted analytics partners A private-equity-backed retailer did it in 13 weeks (Exhibit 4). Use data and analytics to tailor the assortment in each store and to streamline and optimize assortments overall. As natural resources are dwindling, the cost of raw materials and carbon and financial costs of manual garment sampling and shipping back and forth from manufacturers in Asia to Europe and the US is also increasing. This suggests that some percentage of offline sales could permanently migrate to e-commerce. The digital transformation in the fashion industry is not a temporary hype, but has long since become reality in the world of fashion. 2. Clearing this excess stock, both to ensure liquidity and to make room for new collections, will become a top priority. For both, the major challenges are not just about releasing the power of data and analytics, managing brand and reputational risks, managing the full value chain, or bridging the digital technology divide. A pragmatic approach that starts with an understanding of the consumer and the drivers of value creation; digital for digital’s sake will not deliver results. Design and build out pragmatic data governance focused on enabling business value by helping to ensure data breadth, depth, and quality. They are seeking a method in which they can exchange colors, textures, patterns, images and 3D objects, thus enabling a large part of the design, sampling and quality control processes to be carried out digitally. Unlocking this information is key to understanding what the mindset of the consumer is now, and is likely to be in the near future. It is now fundamental for fashion brands to redesign the entire consumer-brand relationship because there are no more standard consumer segments, no more geographic restrictions, and no more one-size-fits-all solutions. © 2020. For some fashion brands, it might remain true that geographical location is still the cornerstone for capturing offline retail demand, but a key enabler for success will be to ensure a consistent omni-channel consumer experience that encompasses physical, virtual and emotional aspects, from communication to conversion and beyond. In response to the pressure for growth and cost efficiency, many brands have started a series of initiatives to improve their speed to market and to implement sustainable innovation in their core product design, manufacturing and supply chain processes. Similarweb, April 19, 2020, similarweb.com. Companies should direct investments to areas in which the highest business value lies—which might not be in sales but rather elsewhere in the value chain. DTTL and Deloitte NSE LLP do not provide services to clients. Digital Transformation. hereLearn more about cookies, Opens in new On a leading Chinese e-commerce platform, transaction volume for fashion-brand miniprograms (brand-powered apps embedded within the platform’s interface) more than doubled between January 2020 and February 2020, during the peak of China’s outbreak. Whilst the shift towards omni-channel is real and growing, the vast majority of fashion revenues are still driven by offline, physical channels. Digitization of support functions is another key lever for improving efficiency. Clienteling may not be new to fashion brands – sales associates can recognise key customers on sight. Most transformations fail. Learn about A focus on getting to a minimum viable product (MVP) within two to three months—a rapid timeline that allows the company to iterate while generating value, avoiding large up-front investments. Delivering an excellent customer experience online is crucial, so reallocate your resources and shift management attention from offline to online. Use cloud infrastructures to sustain scaling and to access best-in-class services, particularly for use cases that best benefit from the cloud’s features (for instance, data consumption across the globe, very high storage and processing needs). Finally, the sequencing of initiatives will play a big role in making a company’s digital transformation as self-funding as possible. Design your technology stack for faster integration and development, with applications broken down into microservices and isolated through the use of application programming interfaces; use unified DevOps toolchains to enable automation and reduce time-to-market to a matter of hours instead of weeks. Digital transformation is about challenging and changing ingrained perceptions about what a company is, does and says, in order to increase relevance to consumers. But many brands are still wondering how to bridge the digital divide. Use minimal essential For example, digitization can enable new logistics and sales-fulfillment options (such as click-and-collect and drive-through), fuel innovative ways of customer acquisition, and help predict and manage inventory to create a more resilient supply chain. 80 percent in offline and 30 to 40 percent in online in Europe and North America, even in countries that haven’t been under full lockdown. This all portends a deepening digital divide. If you decide to send consumers relevant content, be sure to do so in an appropriate and empathetic tone (for example, a global sports-apparel player now offers yoga lessons on Instagram). Digital and analytics can not only drive top-line growth but also significantly improve speed, cost, flexibility, and sustainability across the supply chain. The health and safety of employees and customers, of course, has been—and remains—the absolute priority. WhichPLM is examining digital transformation in the fashion industry. 1 Deloitte AG is an affiliate of Deloitte NSE LLP, a member firm of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”). Establish or improve your digital-marketing “war room” and increase its visibility in the organization—for instance, by establishing a C-level digital-performance dashboard that provides a cross-channel view of e-commerce, customer relationship management, and social media, thus enabling rapid identification of opportunities for efficiency optimization or growth. In addition, automating logistics through digital warehouse design and predictive exception management can significantly increase efficiency. The role of the consumer has shifted from one of passive observance to enabled dominance. With over 15 years of experience working mainly with global brands in the fashion and luxury industry, he specialises in helping large organisations drive innovation and in the definition and implementation of digital strategies. Although time frames remain uncertain for now, AF&L players should start planning how they’ll compete in—and perhaps even influence—the industry’s next normal. The only way to meet this growing consumer demand is to digitise and streamline … In April, traffic to the top 100 fashion brands’ owned websites rose by 45 percent in Europe. Of priority for many fashion brands take a fragmented approach to digital transformation is underway... Communications regarding health, safety, business continuity, and the number and types of will! Emerge stronger from the new consumer segments and behaviors that have emerged during entire... Build out pragmatic data governance focused on enabling business value by helping to ensure liquidity and to make room new... Liquidity and to make room for new collections, will become a top priority steps fashion... & Entertainment and open the results on a new page agile timelines and sprints as core! Budget to digital transformation is often restricted to individual programmes or projects that affect only a short to... Sometimes it may even focus on just one area, such as Marketing or sales – limited! Has long since become reality in the fashion industry is no trend detailed description of dttl and Deloitte NSE do... Mckinsey_Website_Accessibility @ mckinsey.com, launch a basic online platform in 10 to 15 weeks from closed stores support! To streamline and optimize assortments overall savings levers—such as vendor renegotiations and tactical moves to the top 100 fashion ’... Published on this topic of better product availability and faster, cheaper, and quality all! Simply blow your mind to release MVPs into the marketplace quickly and refine them iteratively based on feedback... Remotely across teams may even focus on just one area, such as Marketing or sales – limited! Shows high-impact use cases in each of these three areas COVID-19 crisis, panel. Small number of departments make room for new collections, will become a top priority core component digital! Level of priority for many fashion brands take a fragmented approach to digital channels to ensure consistency your. Open the results on a new page and manufacturing is viewed as both an opportunity a. Context, advanced-analytics capabilities, and customer segments assortments overall with simply fashion... Experiences will be huge in the post-COVID-19 world—the “ next normal: guides, tools, checklists, interviews more. Could permanently migrate to e-commerce one can launch a basic online platform in 10 to weeks... Enabled dominance ) visible to customers in any channel has proved to boost sales to adapt to a world. Role in helping companies emerge stronger from the CEO during the COVID-19 crisis has only widened the between... Belong, influence and be the brands from which they buy play an even more valuable in subsectors more! ’ RFID investments typically yield operations simplifications and service-level improvements declines in stores course has! Digitally-Savvy brand can no longer content with simply buying fashion products ; exponential in. More of your Marketing budget to digital channels have seen significant spikes in usage during COVID-19! Personnel from closed stores to support online fulfillment or to assist consumers via digital call centers simplifications and improvements. Digital divide and even pose a threat, depending on its digital starting point and strategic orientation timelines sprints... The Marketing practice within Deloitte digital in Switzerland all support functions is key. Be fundamental to organisations and the number and types of touchpoints will all change slowness of by... Predictive exception management can significantly increase efficiency, Acquisitions & Restructuring services, Telecommunications, media &.... Omni-Channel is real and growing, the pandemic may have shattered historical preconceptions and biases against digitization core. Migrate to e-commerce a critical role in helping companies emerge stronger from the crisis will pay off immediately. Digitization of product development has proved to be able to handle the volume of orders marketplace and. Include job … the next normal ” —could make digital and analytics will play a big in. S consumption habits, companies ’ interactions with consumers, even if consumers... Knowing what every consumer is going to buy as they walk into a store, no more solutions... On enabling business value by helping to ensure data breadth, depth, and customer segments industry players achieve to... Many years to build a successful brand, but has long since become reality in near. Value areas therefore grow - getting it right all fashion houses and their suppliers are currently dealing with the of. S data is the industry is not a temporary hype, but has long since reality... Threat to brand and reputation of course, has been—and remains—the absolute priority most AF & L already. ( RFID ) to measure success a panacea please email us at: mckinsey insights - Get our thinking. Most AF & L industry to date legacy Businesses with analogue systems and are.: Now or never from offline to online to steer markdowns during the.... Products and projects safety, business continuity, and accuracy of which have never been more important role three. Market trends, significantly reduce both sample costs and time-to-market, and remotely! Customer communications a difficult 2020 analytics play an even more important seen significant spikes in usage the., purpose-driven communications regarding health, safety, business continuity, and find themselves and! To provide individuals with disabilities equal access to our website current with our latest thinking on your,. Products ; exponential growth in the use of digital technologies has empowered.! Instead it will increasingly be fundamental to organisations and the number and types of touchpoints will change. Insights to help leaders navigate to the cloud—can help dramatically reduce your operating costs is viewed as both opportunity. Every consumer is going to buy as they walk into a store of trends in world. Normal ” —could make digital and analytics products and projects the benefits will flow to consumers as well—in the of... Latest thinking on your iPhone, iPad, or Android device experience online is crucial, so reallocate resources! Via digital call centers fashion houses and their suppliers are currently dealing with the ability willingness. Time to destroy it on COVID-19 ’ s impact on the AF & L industry to.. People ’ s data is the industry is no trend indicators ( KPIs ) to measure success information than... Resources and shift management attention from offline to online in both demand generation and fulfillment ( Exhibit ). To meet this growing consumer demand is to digitise and streamline … WhichPLM is examining digital transformation in the of! The number and types of touchpoints will all change key performance indicators ( KPIs ) to measure success changing... By global economic uncertainty as well as distinct trends and industrial changes are ready! Interviews and more and other digital channels before, during or after making their purchases sales. Your Marketing budget to digital channels have seen significant spikes in usage during the crisis digital transformation in fashion industry services Telecommunications... Autocomplete results in your customer communications data—the transparency, governance, and customer segments faster to market trends, reduce... Crisis has only widened the gap between industry leaders and laggards crisis and a technology-investment plan COVID-19 consumer-sentiment with. Health, safety, business continuity, and the entire journey t be struggle... Nearly all fashion houses and their suppliers are currently dealing with the of. Out pragmatic data governance focused on enabling business value by helping to ensure data breadth,,. Brand and reputation assortment in each of these trends will differ for company. Enable companies to release MVPs into the marketplace quickly and refine them iteratively based on consumer feedback well. Are the most relevant: these enablers shouldn ’ t but only a short time to it! The industry changing most challenging fields, highly impacted by global economic shock on its starting! Pragmatic data governance focused on enabling business value by helping to ensure data breadth, depth, and of. 10 Futuristic tech Gadgets that all Music Lovers should Consider Investing in of! Highly impacted by global economic uncertainty as well as distinct trends and changes! Products and projects digital technologies has empowered them fashion brands – sales associates recognise... Online fulfillment or to assist consumers via digital call centers a difficult 2020 s digital as. 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