One can simply claim that the apparel industry is not what it was a few years ago. Even you will agree to it. With the technological evolution, tastes and preferences of the final consumers, and the footfall of the pandemic, the apparel industry has undergone a revolution.
People have high hopes for the upcoming years and the opportunities they will bring. Optimistic people are expecting unique challenges with the shifting market landscape.
Let us go into detail to understand the trending trend in 2024 in the apparel industry by doing good research on the leading clothing firms.
- Innovative Economic Headwinds
How can anyone forget the challenge that the apparel industry faced during the harsh pandemic times? Supply chains were losing their grip, and the retail business was on the brink of collapse. According to McKinsey & Company’s leading journal, “The State of Fashion,” the retail business is still facing inflation stress, continuously reduced consumer demand, and growing geopolitical pressure. For all the brands, those who want to sustain themselves in the challenging market have to be quick with decision-making and need to add creativity in product development, sales, and marketing.
- Growing focus on maintaining balance
It has become tough to sustain customers and competition. Remember, all markets have the same requirements. Consumers are becoming more selective, and the industry needs to be more alert to create unique products. They need to be more responsible for the environment. Converting sustainable things into the final product is what the market needs to control its carbon footprint. One needs to follow the manufacturing process, which does not harm the environment in any way.
Many companies are growing in the market with all these features. To name a few—Reformation, Vuori, and more. They are market neutral to carbon tolerance.
Obstacles seem endless for this and all other industries as the demands of the consumers keep changing, but one thing remains constant throughout their budget, as per the research of Custom Market Insights.
Waste remains a never-ending issue, as these textiles mostly end up in landfills. The saddest fact that lies here is the brand’s unwillingness to control the product numbers and quantity. This is the biggest hindrance in practicing circular business models.
- Direct To Consumer Model
Customization has become a key point of almost all trends, especially in the apparel industry. The growing urge among customers to have more personalized and simpler experiences while shopping is giving a push to the direct-to-consumer model. Brands no longer follow the old method of selling and have their own ways of selling. They have their online selling platform and use social networking platforms like Instagram, Facebook, and more to sell their products.
If you have heard of DTC e-commerce, it is inspiring retail selling a lot, according to Custom Market Insight. Retailers get access to their operations through the DTC. It comes with a better-customized shopping experience and ensures that brands maintain a better brand image. It also helps the brands to obtain valuable data.
Researchers at Custom Market Insights conclude that DTC may have several advantages. Still, one cannot deny that different sales channels have more benefits, such as relevancy, better growth, and increased efficiency.
- Quick and Better Digital Transformation
The connection between the apparel industry and the digital world has resulted in a huge digital transformation. In this industry, technology serves several purposes:
- Better customer experience
- Streamlined operation
- Clarity about the customers
Brands are intellectually utilizing the data. Brands can easily gain insights that assist in understanding customer tastes, preferences, and buying patterns. Together, these things help them understand marketing strategies and product development. Some more things that help in brand improvements are:
- Machine learning
- Artificial intelligence
- Automation
These functions improve supply chain operations and also control waste in the long run.
China witnessed the maximum digitalization role during Covid 19. Three things became very common:
- Livestreaming
- Virtual Spokesperson
- Online fashion shows
Digitalization also gave way to the apparel industry, allowing it to remain active during the tough phase of COVID-19 when no workers were available.
With the Covid-19 disruptions and the ongoing lockdowns, China faced many issues. Since then, they started investing more in technologies like AI, which helped them in:
- On-demand production
- Meeting omnichannel requirement
- Management of real-time stock
- Pricing
Custom Insight Management has analyzed this and more under digital transformation in this category.
- Athleisure Appeal
For those who are unaware of the term Athleisure, it is a kind of clothing that complements leisure and athletic activities. Nowadays, comfort lies above all, and opting for versatile, stylish, and comfy clothing that one can wear for several purposes is high in demand. Athleisure gives you this! Many brands are now coming up with various athleisure products, and the variety moves from hoodies to yoga outfits and more. Do you have one in your closet?
Custom Market Insight reported that people are growing more conscious about their health and living a fit life. According to the data, four out of ten people intend to participate in sports or fitness activities. This new thought process has revolutionized the marketing dynamics, bringing more athleisure products into the market. In 2020, the overall value of the athleisure market was $248.31, which might grow to 6.54 % in the next two years.
Check all Apparel Industry Reports Here: https://www.custommarketinsights.com/?s=Apparel&post_type=product
