CHRIS JONES | FEBRUARY 22, 2024 | 4 MINUTE READ
The fashion industry has been one of the hardest hit by the pandemic, with store closures, supply chain disruptions, and changing consumer behaviour. As we emerge from the pandemic, it is clear that the fashion industry is in a state of flux. Retailers and brands need to adapt their sales and revenue operations to survive and thrive in this new landscape.
In this article, we will discuss some of the key trends that are shaping the fashion industry and how you can reshape your sales and revenue operations to take advantage of these trends.
Trends shaping the fashion industry
The rise of online shopping: Online shopping has been on the rise for years, but the pandemic accelerated this trend. In 2020, online sales accounted for 44% of all apparel sales in the United States. This trend is expected to continue, with online sales expected to reach 50% of all apparel sales by 2025.
The growing importance of sustainability: Consumers are increasingly concerned about the environmental and social impact of their purchases. This is leading to a demand for more sustainable fashion products and practices.
The personalisation of the shopping experience: Consumers want shopping experiences that are tailored to their individual needs and preferences. This is leading to a rise in personalisation technologies, such as chatbots and virtual reality.
The omnichannel experience: Consumers expect a seamless shopping experience across all channels, whether they are shopping online, in-store, or on mobile.
How to reshape your sales and revenue operations
Invest in e-commerce: If you don't already have a strong e-commerce presence, now is the time to invest. Make sure your website is user-friendly and mobile-optimised and offers a wide selection of products and competitive prices. Gen Z and Millennial consumers have high expectations for their online experience.
Embrace sustainability: Make sustainability a core part of your brand identity. Offer sustainable products and practices and communicate your sustainability efforts to your customers. According to Kadence, 73% of Gen Z consumers are willing to pay more for ethically sourced products and 66% for sustainable products. Further, Gen Z has an expectation for brands to take a leadership position in sustainability.
Personalise the shopping experience: Use data and analytics to personalise the shopping experience for your customers. This could include recommending products, offering targeted promotions, and providing personalised customer service. Gen Z has a preference for personalisation over privacy, with 41% willing to share personal data for a better experience and 62% more likely to pay extra for personalisation.
Create an omnichannel experience: Make sure your sales and revenue operations are integrated across all channels. This could include offering buy-online-pickup-in-store (BOPIS) options, providing consistent product information across all channels, and offering seamless customer service across all channels.
Regarding the omnichannel experience, EcommerceAge reports that customer engagement platform Verint found that:
- Less than 36% of consumers under 40 prefer to visit retail stores, compared to more than two-thirds of shoppers aged 57 and older, showing the need for retailers to get the connection between their physical and digital strategies right for their younger customers.
- While younger generations don’t particularly want to do their shopping directly within stores, they do value being able to click-and-collect goods, with 51% of Gen Z consumers collecting in-store or via curbside pick-up.
By following these tips, you can reshape your sales and revenue operations to take advantage of the trends that are shaping the fashion industry and thrive in the rapidly changing fashion retail landscape.
Additional insights
Here are some additional insights that you may find helpful:
Focus on process improvement and efficiency. The fashion industry is a complex and competitive industry. By focusing on process improvement and efficiency, you can reduce costs and improve your bottom line.
Embrace technology. Technology can be a powerful tool for improving sales and revenue operations. There are a number of technologies available that can help you automate tasks, personalise the shopping experience, and gain insights into your customers.
Build strong relationships with your suppliers. Strong relationships with your suppliers can help you ensure that you have the products you need when you need them. The imminent regulations requiring supply chain transparency and traceability will require especially strong relationships to initiate the effective processes required to acquire accurate and timely primary data from across the supply chain.
Time to execute
These tips provide some insights on how you can put your sales and revenue operations on a strong footing for the future. However, as always, the ‘Angel is in the details’!
Please feel free to ask questions and share your thoughts and comments below.
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Author Chris Jones
Chris has helped global brands, retailers, and manufacturers align people, processes, and technology for over three decades, driving transformation projects to maximise business impact.
This article is also published on LinkedIn:
Post-pandemic Pivot: Reshaping Your Sales & Revenue Operations for the Evolving Fashion Landscape