Oct 16, 2018 | By Nigel Taylor
Experience the leading provider of consumer foresight.
May 10, 2018
By WGSN Insider
The digital world is becoming increasingly imbedded into our everyday routines. It’s crucial that the fashion industry stays ahead of the curve, meets consumer demands and identifies which digital strategies will aid their business and give them a competitive edge in this increasingly saturated marketplace.
ASBCI brought together apparel industries from across the globe at their recent ‘Digital Revolution’ conference where experts shared their insights into how retailers can successfully navigate their way through the digital landscape and effectively prepare for the future.
Below, we highlight the three main ways digital is changing the face of fashion as we know it.
1. See Now, Buy Now Shopping Mentality
Consumers are hungrier for new product and instant gratification than ever. This has changed the retail landscape, where products advertised by influencers across social media platforms must be available to buy instantly, in one, swift click.
This means retailers must keep their content updated frequently; in stock, relevant to the weather, ready for key events and featuring new trends. Connected consumers demand convenience, so frequent innovation is necessary and a mobile first approach is absolutely essential, as spending via smartphone devices is set to rise 91.3% by 2023, something WGSN have reported on heavily in their Future Consumer 2020 report.
2. The Rise of Delivery Saver Schemes
Retailers that stock a wide product range can introduce a delivery saver scheme to drive loyalty and instigate further purchases from their consumers. Additional benefits similar to Amazon’s free music and video content can help encourage customers to sign up, with Amazon seeing 82% of users sign up for their Prime subscription.
Advancements in robotics and drones could also see packages of under £5 getting delivered to the customer in under thirty minutes.
Sofie Willmott from Global Data advised, however, that with increased order frequency, retailers must be prepared for higher return rates, as 59.2% of subscribers to ASOS Premier said they shop more often since signing up.
3. The Power of Digital Psychology
The pace of technological change is ever increasing, and new digital advancements come and go constantly. The human brain however, remains relatively static, so how can brands harness this and translate it into ecommerce?
Andrew Nicholson, Founder & President of GUkU stressed the importance of Perceived Product Value (PPV) and how this impacts the longevity of customer relationships with brands. Andrew suggests that one way to do this is to leverage the power of ‘manual-sharing’ or just simply writing reviews. An experiment conducted by GUkU showed that by asking customers to write a review on their social media platforms, led to a 37% increase in PPV rating. Consumers’ constant need for transparency plays a big part in this. By creating an environment where customers can be open and honest allows for a trusting relationship between consumer and brand.
Know what’s next. Become a WGSN member today to benefit from our daily trend intelligence, retail analytics, consumer insights and bespoke consultancy services.