What Will Be The Future Success Of Fashion Retail In The Digital Age
July 13, 2020
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According to a recent survey by the Nielson market-market research group, the average American spends nearly four hours a day on computers- including mobile devices. Moreover, nearly 25 percent of that time will have been spent on social media. The tremendous influx of retail technology has changed the perception of how consumers purchase during this transitional time. At present, fashion and jewelry, brands are exploring ways to work with technological devices—primarily mobile. Even when they are in silent mode, they tempt us with the promise of limitless information. Moreover, and more importantly, most of us feel naked without the phone nearby.
At present, many fashion luxury analysts see the rise in online consumerism and the resurgence of modified shopping habits. But don’t expect established retailers to redesign their profitable products or their old way of doing things. Many of the fashion retailers do not have the expertise, funding or insight to make substantial change. They can, however, evolve. Since the advent of the internet, mankind has adapted to changes — many times reluctantly. In some cases, a bias against technology can create a recipe for failure.
It’s surely no coincidence that luxury fashion brands such as Louis Vuitton and Chanel have been announcing drastic corporate changes. Many established fashion retailers focused largely on and were convinced that various technological advances were out to get them. As anyone who’s spent time in the luxury industry knows, there’s plenty of opportunity in technology. The technical work of combining data with inspired marketing should not be underestimated in today’s fashion market. There is a complex task to create and drive a new consumer conversation in the twenty-first century.