Fashion Industry: Ready To Face The Future
The fashion industry is very complicated. There are no standard fashion companies. They come from a wide spectrum of enterprises working in the apparel, footwear, home textiles and accessories markets.The industry is made up of various kinds of companies like retailers, design source and selling companies, companies with their own manufacturing facilities and other companies who outsource production but retain control over parts of the production process.
Moreover, companies functioning in the high fashion segment often face a different kind of pressure as compared to those functioning with commodity fashion goods.
All of these aspects combine to make the fashion industry one of the most complicated industry. Yet, various issues can be noticeably recognized as common across the industry.
. Consumers have the power
. Supply chains are complicated
. Product launching and delivery takes time
. Companies must be able to manage a product mix
. Inventory control maintenance is important
. Impact of the latest technology on the fashion industry
. Copyright issues for fashion designs
Consumers have more power
Today's buyers have more purchasing power then ever before and are less tolerant due to increased time pressure in today's lifestyles.
They are more aware about environmental and human rights issues and have superior quality demands. They demand a huge variety and more frequent changes in the choices available to them. Moreover, they also expect immediate availability of perfect matching set of garments and accessories in their preferred color and size combinations in the same store.