A POLL BY PERFECT SOURCING
TEAM PERFECT SOURCING CONDUCTED A POLL on how the fashion industry will change in the times to come. The survey was done using social media; emails; direct calling to analyse the situation. The response was collected from people related to fashion, apparel and textile industry from all over the world. Around 400 respondents gave their feedback, which helped our team in analysing the upcoming trends in apparel trade and also finding out some crucial information on the future of fashion business, its changing dynamics, key product categories and production cycles.
As a growing number of industry experts believe that fast, on-demand manufacturing will be next normal for fashion. What will be the new normal?
Most of the respondents shared that sustainable clothing will be in great demand as consumers would like to buy clothes that give value to them and save nature and environment as well at the same time. Sustainability will be a very important term in the times to come and companies already having niche in the segment will surely enjoy good success. These tough times has opened new doors of opportunities for companies dealing in medical and technical textiles. During the pandemic a lot of manufacturing companies and even well-known brands have sustained themselves by getting into the production of masks and PPE kits. The same products are surely going to see consistent demand for at least some years till the memories of this deadly disease is totally wiped off from memories of people.
ORDERS TO BE PLACED CLOSE TO SEASON
Orders will be placed close to the season as these uncertain times is a big learning lesson to retail chains who lost a lot of money and vendors trust due to delayed payment and cancellations. Respondents believe that COVID-19 will accelerate flexibility and speed for apparel sourcing. This includes a high acceleration of more flexible product development with shorter lead times and smaller batch sizes in sourcing orders.
BASIC & CASUAL WEAR BACK IN FASHION
The survey also revealed that consumers will buy more basic garments as compared to value added because post Covid 19 era the number of social gatherings will still be limited and for some time people will prefer buying clothes that are easy to maintain, have long life and can be used again and again. Casual clothes like t-shirts, jogger pants, leggings, tops will have more demand. Even athleisure is poised to see growth as consumers have become more health conscious during these times.
Since value addition will no longer enjoy attraction it is possible that digitally printed garments will see a big jump in demand. The digitally printed garments are known to give trendy look and infinite design options and are also known to impact environment less as compared to other applications being used.
DIGITIZATION OF PRODUCT DEVELOPMENT
Respondents anticipate that digitization of product development and sourcing processes will accelerate and agree that on-demand production through (semi)-automation will be a key driver in enabling new business models.
Investing more in existing digital capabilities — such as improving the customer journey and the broader customer experience — should happen alongside pioneering new ways of engaging with consumers online
The global pandemic’s shutdown of offline retail channels has pushed digitally inept fashion companies to the brink. With no or limited avenues to recover lost sales, purely offline players whose revenues hinge on brick-and-mortar sales have been hit hardest. Many multi-channel businesses have had their first glimpse of what it takes to be truly digital-first, and this step change in consumer adoption is likely to stick when we emerge from the crisis.
SECOND HAND CLOTHING TO SEE DEMAND
Almost 47% respondents feel that second hand clothing will beat fast fashion. While there are some second thoughts on the same because hygiene has become an important term in today’s time but the companies dealing in second hand clothing are working out all the odds like dry cleaning products, sanitizing and delivering with ful precautions. Since a large number of population across the world is facing unemployment, shortage of money and business opportunities the second hand clothing might see a good growth. There will people wanting to buy cheap and there were many wanting to dispose clothese and earn some money.
The secondhand clothing market is expected to hit US$64bn in the next five years, according to a new report, and grow to almost twice the size of the fast fashion market by 2029.