Building Future-proof Fashion Retail Models
At IFF 2022, the Fashion and Lifestyle Project is designed to be a unique and unprecedented redefining of the Business of Fashion from the perspective of Fashion as a lifestyle choice. With a fresh, more hands-on approach and an substantial mix of brands and experts, IFF2022 will answer some of most vital questions you should be asking.
Worldwide, young consumers are reacting strongly to how brands respond to relevant social challenges, and how they act upon them. In a market such as India — with 70% of the populace under the age of 40 — fashion purchases will be increasingly influenced by what brands stand for — the commitments they make to the well-being of societies, communities, and the environment. Going forward, fashion brands and companies will be expected to play much more meaningful roles than being just commercial entities.
Urban consumers across India are increasingly looking to fashion brands to help them express their individuality. With the attention-competition on social media platforms, consumers are looking to stand out in what they wear and how they style and express themselves. Just fresh products are no longer exciting, unless they have a compelling differentiation in design and appeal. In addition to being different, fashion needs to be more authentic, functional — as the athleisure surge shows. Fashion needs to be more experimental, but also serve a distinct utility.
Fashion newness in the digital economy is as much about the product as it is about the content and experience. Storytelling is vital. It is how brands are finding ways to speak their’ consumers’ language, and reflect their interests, dreams and goals. The Discovery-to-Desire-to-Possession journey of the modern consumer is defined by the experiences they log on the trip. Be it in a physical store or an online format, experience is the top factor today in not just customer acquisition, but more importantly, retention.
Digital platforms have blurred boundaries between commerce and connection, consumption and production, entertainment and entrepreneurship. Emerging social media platforms are replacing friend-based algorithms with interest-based algorithms. Given the integrated consumption frameworks of today, digital and physical experiences are no longer segregated. Instead, they complement each other in how brands communicate with consumers and push consumption. Fashion retail of the New World embraces an integrated reality — with deeply interlaced digital moments that boost physical experiences, and vice versa.