Are you ready for your next impatient fashion customer?
Traditional brands are beginning to disrupt their own business models, image and offering in response to a new breed of small emerging brands that are accelerating thanks to decreasing brand loyalty and a growing appetite for newness. We expect more brands to follow suit on this path of self-disruption, which will have a significant impact on their operating models.
Almost half of all consumers (47 percent) and 55 percent of millennials say they are less loyal to clothing brands now than they were a few years ago. More than 1 in 5 (22 percent) say social media sites are the first places they go to get clothing ideas, a figure that jumps to 36 percent among those aged 13-to-25 and climbs to 46 percent among millennials aged 22-to-37.
The highly visual realms of fashion and beauty have seen an unprecedented sea of change in the digital age. We used to learn about new trends from glossy fashion mags that told us which prints and shades were in or out, how to dress for the season, and whether flared pants were a “do” or a “don’t”.
With the rise of YouTube and Instagram, influencer marketing is making waves on social media, and brands are benefitting big time. You can find new fashion icons by scrolling through your phone and learn complicated makeup tips with the tap of your finger on a relevant video.
In 2017 Instagram accounted for 50 percent of fashion brand posts. As of September 2017, it had 800 million worldwide users. Instagram influencer estimated marketing is a $1 billion-dollar industry that could reach $2 billion by 2019.
In the mobile consumer journey, the gap between discovery and purchase has become a pain-point for a more impatient fashion consumer, who seeks to purchase exactly the products they discover, immediately. Players will focus on bridging this gap through shorter lead times, improved availability of advertised products and new technologies.
The time lag between discovery and purchase is a pain-point for customers who continue to expect better experiences. Companies are increasingly focusing on reducing this source of friction and launching new technologies to enable a smooth and speedy transition from inspiration to acquisition.