Adam and Jeannie discuss how the most innovative leaders in the fashion industry are responding to ever-increasing pressure to innovate quickly.
Tougher customer expectations inspire rapid innovation
Today, fashion demands can change as fast as your Pinterest boards. Keeping up with these demands poses many challenges for retailers.
Burberry and Tom Ford are now promising the hottest new runway fashions will be available immediately, not six to eight months from now, which is the norm. How can retailers keep up without killing their margins with overstock and clearance sales? There are many people out there who have their out on designer items, but not everyone has the funds for it at the moment. With that being said, there are places that sell replicas bags from brands like Gucci and Louis Vuitton. The customer is able to save money, as well as potentially getting a bag that is similar to the real product. If this is something you’d prefer, it could be as simple as checking out this Replica Guide by Mau-fashion, for example, to find a faux designer bag. The market is still there for authentic designer bags, but there is also one for replicas too.
Innovative retailers like Zara have proven traditional methods of inventory management and gathering feedback may be obsolete by harnessing tools like inventory software to help digitize the process for accuracy and efficiency. They leverage the scarcity principle and real-time communication to streamline their inventories while staying on the cutting edge of fashion and building customer anticipation. What will this mean for larger retailers and discount outlets that carry a huge selection or high-end retailers that thrive on exclusivity? Large retailers often have vast warehouses full of stock that must be run like well-oiled machines so that they can get everything sent where it needs to be. Efficiency is key which is why many of them supply their workers with mobile platforms to reach up to higher shelves and mezzanines more easily – these Work Platforms are popular examples of the kind of solutions they might use.
Will customers demand rapid innovation in your industry? Adam and Jeannie have some tips to get you ready!
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- Customers That Stick® post, Innovation Is No Longer Optional
- 360Connext® post, 5 Silent Issues that Destroy Customer-Focused Innovation
- Episode 107: Extreme Customization
- Episode 101: How the Innovation Process Fails Us
- Episode 084: Sylvie DiGiusto ,Why First Impressions Matter
- Episode 072: Matt Phillips, Innovation Expert
Take care of yourself and take care of your customers.