The fashion industry is considered as the industry that everyone needs. With the introduction of digital platforms, it is coming more into the picture, and the sector is witnessing more changes than ever before. It is glamorous and glossy, as well as the industry moves and works with all types of consumers.
Being a fashion retailer, if you are looking at the current state of the fashion industry, you will come to know that the industry now hinges based on high competition. Every minute retailers open and close their apparel showrooms. Thus, it is a make or break situation for many retailers and manufacturers. But the fact is that all that has survived is the retailer adopting the latest technology trend and adopt fashion retail software. That is why now, the operation and maintenance of a successful fashion brick-and-mortar store needs to drive with technical and financial investment.
Digital impact on the fashion retail Industry
In this digital age, retailers need to change their business models over time. For this, fashion retailers have to increase the operational efficiency of their business. Must add services that are intended for targeted consumers and provide opportunities to take the business to the next level. For this, businesses have to be digitally equipped. Additionally, fashion retailers must keep coming in all packages from purchase to final billing and beyond. Forecasting is also mandatory as it predicts your stock availability and ensures future success.
Here are some data based on the Indian retail industry, which will tell you the importance of using retail management software-
- The Indian retail industry accounts for 10 percent of the country’s GDP and about 8 percent of the country’s employment.
- TIndian retail has never seen such momentum before, which is expected to double to around 1.3 trillion US dollars by 2020.
- TThe Business to Business (B2B) e-commerce market is expected to reach 700 billion US dollars by 2020, while the Business to Consumer (B2C) e-commerce market is expected to reach 102 billion US dollars by 2020.
- TWhile there has been unprecedented growth over the past decade, the retail industry has grown by about 8 percent, while the unorganized sector accounts for 92 percent of the overall retail industry.
Disruptions created in the retail fashion industry through digital transformation
Retail fashion is undergoing rapid changes by various factors. The factors include increased income, increased consumption, easy credit availability, and most important is the introduction of technology. At the same time, increasing customer demand brings many challenges. It depends on the ability to collect, process, and share large amounts of data. Due to this, a fashion retailer has to face many fundamental disruptions in business. Some retail disruptions are as follows-
- Converting old working patterns to digital platforms
- Generating the ability to produce customer-centric results
- Coping with a strategy of a competitive market
- Quality Control Monitoring
- Creating a Self Learning System to Connect with Trend
- Formulating strategies for forecast analytics
- Improve operating format
- Running loyalty programs to enhance the user experience
- Strengthen POS system and pricing techniques
- Effective Supply Chain Management
Let us know what emerging trends a fashion software should adapt to deal with the changing trends in the fashion industry
The fashion retail sector has seen massive changes in the last decade. Now people use smartphones, e-wallets, debit/credit cards. To some extent, their shopping preferences are also changing, and they want friction-less shopping with easy checkout. It is because they don’t want to waste their time standing in long billing queues. The demands of these customers gave retailers momentum and inspired them to go with the changing trends of the fashion industry. Therefore, fashion retailers have been looking for solutions for retail management software. They want to strive to provide a more comfortable shopping experience through personalization and customization.
Fashion as an Emerging Industry
The fashion industry is a growing industry that has changed the experience of doing business and is asking retailers to adopt new technological solutions. Such technical solutions provide better services to consumers, providing easy checkouts from order management to billing. This type of model is good for the fashion retail sector, which takes the business to new heights.
Focus on customized shopping experience
Personalization is the key to gaining huge customer retention. As the fashion industry is an evergreen industry, maintaining it demands an appropriate technological solution. Such a technology solution provides you with the most valuable customer journey that is required to develop a sustainable digital strategy. The future in personal retail integrates new strategies and channels as well as new technologies both online and offline. Many development companies exist that offer customized shopping experiences and strike a sensitive balance between technology and consumer demands. In this way, the software provides a set of solutions for fashion retailers and enables them to provide a top-notch customer experience.
A plan that ensures environmental sustainability
A user-friendly environment is an essential aspect of every industry type. As the fashion industry is open to all, it has the potential to generate a tremendous amount of revenue. Thus, it is beneficial for fashion retailers to use a software system that gives a quick boost to the entire business operation and provides customers with a better shopping experience. In order, consumers trust your fashion brand and trust you with your eyes closed. In this way, a software solution allows you to streamline all your store processes and meet your consumers’ demand for more sustainable fashion content.
The way to take corporate responsibility for the Covid Pandemic
As we all know that without united we cannot face the Covid-19 epidemic. Thus, software plays a vital role in fashion retailers to establish a new contact-less shopping experience. The software installs fewer contacts to keep employees and customers safe and sound. Many businesses closed during the lockdown, but retail software only can build relationships with customers and meet their needs from a remote location. Software technology has thus helped many companies to quickly and successfully transition to the new reality of doing business without disrupting their workflow.
A unique business idea to enter the world of new business
Fashion’s online presence has been growing for some time, but there is still a large group in the society that believes in and maintains brick-and-mortar. These customer groups, despite the convenience of online shopping, still prefer to see, feel, and try on their clothes in person. Technological developments are beginning to change with the Covid-19 crisis, and this change is also changing the brick-and-mortar fashion business digitally.
Now brick-and-mortar businesses are offering B2B and B2C software applications and give their products a digital platform to competing with online shopping. In this way, software technology enhances optimization and reduces supply-chain waste, which is beneficial to both the consumer and the manufacturer.
Technology is the single solution for transformation
The fashion industry has been going through many changes for the past few decades and significantly this year. And it is clear to us that technology has become a major factor for success. Fully integrated with software solutions, the industry can meet the new challenges and conduct the business in a better way. Thus, fashion retailers have found a top-notch solution that provides data-driven strategies. This allows businesses to become more robust. This way technology is the only solution that helps in fashion business transformation.
Bottom Line
To sum up the blog, it can be said that the fashion industry has drastically changed the tone and nature of doing the business. It can only be possible by the retail management software. The robust apparel ERP software offers its users better results and a more equipped working environment.
If you’re looking for free POS software for Fashion Retailers, you can contact SWIL India. SWIL India has a proficient team of experts. They know what is best for the fashion business and what features must-have in your fashion retail software to reach the best place in the market. This way, we at SWIL efficient in providing management software for clothing stores in a cost-effective manner.
