The fashion industry is very complicated. There are no standard fashion companies. They come from a wide spectrum of enterprises in the apparel, footwear, home textiles, and accessories markets.
The industry comprises various kinds of companies like retailers, design source and selling companies, companies with manufacturing facilities, and others that outsource production but retain control over parts of the production process.
Moreover, companies in the high fashion segment often face different pressure than those working with commodity fashion goods.
These aspects combine to make the fashion industry one of the most complicated. Yet, various issues can be noticeably
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is recognized as common across the industry.
. Consumers have the power.
. Supply chains are complicated.
. Product launching and delivery take time.
. Companies must be able to manage a product mix.
. Inventory control maintenance is important.
. Impact of the latest technology in the fashion industry
. Copyright issues for fashion designs
Consumers have more power.
Today’s buyers have more purchasing power than ever and are less tolerant due to increased time pressure in today’s lifestyles.
They are more aware of environmental and human rights issues and have superior quality demands. They demand a huge variety and more frequent changes in their choices. Moreover, they also expect immediate availability of the perfect matching set of garments and accessories in their preferred color and size combinations in the same store.
Retailers are the first in line to satisfy the consumer’s needs. Still, all companies in the supply chain are driven by the prerequisite to anticipate their customers’ expectations and requirements. From design to production and the final sale, all supply chain members must check that stores have the correct necessities when consumers need to buy!
Companies that respond quickly to consumer requirements will remain profitable in an environment of rapid global competition and increasing material and operational costs.
Supply chains are complicated.
Global supply chains and complicated logistics distinguish the fashion industry. Labor and transportation costs often determine where production occurs, and outsourcing all or part of the production is common. Companies must deal with global sourcing problems throughout the industry and evaluate their sourcing strategies regularly.
Production work is often done in multiple places, which may also be located in different countries. Setting up cutting, sewing, subcontracting, transportation, and synchronizing with raw material supply is very tedious.
Product launching and delivery take time.
While working through the many pre-production steps, including yarn or fabric selection, garment development, specification, and sampling, the industry takes a long time to introduce a new product.
The complex nature of the supply chain and the global nature of production add to the industry’s long lead times. This arrangement of long time-to-market and long lead times does not correlate with the need to react immediately to customer requirements changes.
The industry’s ever-changing seasonal and trend-driven nature depicts that the product life cycles are too short. Even for cyclic demands where the life cycle may continue further, there are often small changes to the design, and color or size combinations may be changed. The logistics of managing a large number of styles and maintaining stock-keeping units is a difficult practice.
Companies must manage a product mix.
Besides long lead times, fashion producers must constantly design and develop new product lines to maintain retailers’ interest and increase consumer sales. Producers have noted that to maintain this speed, they raised flexibility and quickness to satisfy changing customer demand quicker than ever before. It is very challenging for them to judge or come out with such types of products. Gone are the days when a perfect fashion trend direction decided what consumers wore. Many styles are available, and with rising globalization, consumers can approach fashion news through the latest media tools.
Fashion products change from hosiery and basic underwear through medium-priced high street brands to exclusive high fashion brands. Managing brand awareness and loyalty is a serious task in retaining a position in the market. Margins in repetitive basic products are low, so neither a retailer nor a manufacturer can ever afford to be out of stock.
Shifting to the high-end fashion sector, margins increase, and sales volumes are lower. Still, consumers demand an ever-changing range of choices, forcing them to produce multiple collections yearly.
Many companies must try to overcome the added challenge of arranging a mix of repetitive lines, collection-driven products, and a requirement to segment their product range and set the different segments suitably. The demand for various product segments must be separately tackled if companies need to perform well from design to demand planning, sourcing, production, distribution, and sale.
Companies require clarity about the market sector they are targeting and have to direct their business in that way.
Inventory control management is important.
Companies try to keep inventory levels at a minimum in all industries. In the fashion industry, maintaining inventory levels under control is worse due to less product life cycle. In this industry, there is only one solution to sell the goods.
When these products are introduced, the entire floor sets must be in the retail stores for collection-driven brands. Otherwise, the chance to sell the goods is missed, and obsolescence exposure is a high risk.
For the frequently in-demand products, retailers and suppliers mustn’t undergo stockouts. This part of the market does not possess the same level of brand loyalty, and customers may well be attracted to shift brands if the color and size they require are not immediately available in the stores when they need to buy.
For all companies, the balancing act of keeping inventory at the necessary level to fulfill demand while ensuring that they are not left out with obsolete inventory is the main problem.
Latest technological impact on the fashion industry
The Burton Amp jacket, depicted as “the world’s first and only wearable electronic jacket with an integrated Apple iPod,” was introduced recently.
According to some fashion experts, clothes will soon become your gadgets’ accessories. Today, new technologies are so involved with clothing and apparel that you can not judge whether you are wearing technology or whether technology is wearing you.
Besides, electronics will keep decreasing in size so much that we will no longer need the objects to hold them. Hence, today, the fashion industry is experiencing new challenges: “Intelligent textiles,” “smart clothes,” “i-wear,” and “fashion engineering” are only a few of the trends that will transform the entire fashion industry within the next decade.
Nowadays, many new materials and technologies are applied in textiles and accessories when they are still too costly or primitive for other applications. Various electronic devices can already be made into clothes, which will rise. New fabrics are already being developed to offer power generation through solar power, electromagnetic, thermal, and mechanical means.
The combination of high technology in textiles, e.g., modern communication or monitoring systems or the development of new materials with new applications, has just begun. Still, the branch has already moved in a gigantic expansion of this sector. Particular applications for the health and security sector, e.g., clothes with external monitoring systems, already exist in large quantities.
We’ll see many more new garments applications with the latest technology within the coming years. Hence, there are many design challenges for fashion designers and engineers to make the most demanding fashionable wear.
Copyright issues for fashion designs
Fashion apparel is a multi-billion dollar business with no national boundaries due to its global existence. Designers, retailers, and consumers decide their statements according to international fashion trends. Consumer awareness of particular designers has also risen dramatically in the last decade. Magazines and newspapers also cover the fashion industry as a part of their national news coverage, concentrating on the dynamic world of creative designer expressions.
The commoner is very much aware of fashion models’ names and faces and the designers for whom they model. At present, many television channels and feature films involve the fashion industry. Consumers can now identify the various types of designers and designs.
Today, many designers find inspiration from street fashion, celebrities, vintage styles, and other designers’ work. Even though there are possibilities of duplication in products and designs due to easy accessibility of the latest printing and computer technology and the appearance of the regional or traditional methods in apparel worldwide, it can not be ignored easily. It is a challenging task to cope with this issue globally.
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