2015 in Fashion
What has 2015 been like for fashion? It’s already July yet never too late to look back at the last year. What has happened? What has changed? What is no longer done? We look back to learn for the current, ongoing year.
According to Germany’s Textilwirtschaft publication, the year has been a successful one which also explains the industry’s optimism at the beginning of 2016. The big differences comparing to 2014 are probably external relations between Europe and Russia that have shifted to favor other country as business partners as well as the ongoing gradual move from offline to online retail with its focus on mobile commerce. We have summarized findings by PwC and local publications like Textilwirtschaft to give you an insight into what has happened:
1 – Two generations influenced retail
Baby Boomers are now in their 60s and 70s and business have to adapt so as to cater to their needs, making shopping an easier and more seamless experience. Even though no longer active in their working lives, the Baby Boomer generation remains financially stable and active in leisure time.
On the other hand, Millennials are increasingly setting foot on the labor market and the demand is increasing from their site. Millennials shop online and on their mobile devices and require quickness in response to customer inquiries but also in deliveries.
2 – Customized shopping through big data
Big data, a big word that has been used a lot. Finally in 2015 brands and retailers are taking steps towards using all the intelligence gathered on their website and also all the personal information available to them through social media platforms. Using data can mean catering differently to the top, most spending customers than to the customers that have only shopped once. Using data can also mean creating loyalty program so as to bring these one-time only shoppers to become top, engaged customers. Using data can mean creating targeted online marketing campaign based on the preferences of the web site user. Increasingly services are appearing to bring the online analytics and customization experience to offline retail.
We at FashionTrade.com believe in the importance of analytics in bringing an excellent experience to consumer and enhance performance for retailer and brand. Read more here!
3 – Social Media shopping is increasing
Social Media channels like Facebook, Instagram or Pinterest (and other local platforms such as WeChat in China) are increasingly important as shopping platforms. Not only do consumers increasingly shop online through social shopping platforms but gather inspiration, recommendations and also product reviews. Social Media thus serves to drive sales but also to create brand awareness and to generate trust for your products. Since this is such an important topic we have written more in detail about Shopping with Pinterest and Social Media shopping. Continue to read these blogposts.
4 – Marketplaces are growing in importance
Marketplaces like Amazon, Rakuten, eBay and other industry or locality specific marketplaces are increasingly important for fashion retail. These platforms aggregate different vendors and commission a base fee or a commission fee on every transaction made. These marketplaces offer the vendor access and exposure to a big audience, in some cases an international expansion and the advantage of trust in the marketplace. If you want to find out more about the marketplace model, how it works and which platform to use in which case, we recommend you read this article.
As for looks and events of 2015, we find that the New York Times has created a great summary of last year including Alexander Wang at his last show for Balenciaga and the launch of the Balmain x H&M collection. Have a look at their complete review here.