Fashion, as an industry, is continually evolving. The only certainty about it is the perpetual fascination that drives millions of shoppers to engage with attention grabbing brands and snap up the latest must-have item.
To understand and appeal to their potential customers, fashion retailers must innovate, meet consumer needs and convert them into buyers. This is where technology comes into its own to empower staff and deliver the compelling brand experience.
People don’t just buy in-store nowadays; shoppers have transformed into intelligent consumers increasingly comfortable with being able to flip between the physical and real world without differentiating between the expanding number of channels. The importance of social media and discussion forums means that brands need to be monitoring their online presence to get closer to their customers and leverage peer-to-peer recommendations. Fashion retailers now recognise the importance of technology and the need to keep up with these changes, but where is the investment best focused? Most retailers already have an online presence yet cross-channel transactions are typically clunky and disjointed. Knowing the customer and predicting their preferences and buying patterns and then delivering a good and consistent shopping experience however and wherever they want to shop is the key to the future of good fashion retailing.
Audiences and brands are now global too. How can retailers take advantage of new markets without being restricted by technology that cannot scale to meet these demands? Servicing online retail with stock and central processes, developing effective franchise and partner relationships and facing challenges of different payment methods, tax and legal environments all need to be addressed.
In this report, we examine how fashion retailers can use technology more effectively to capture the ever important spend. We also go beyond, to look at next-generation technology that is being adopted today by market leaders, developing the fashion retail technology standards of the future.
Helen Slaven, Vice-President Retail, Torex