Last year saw fast fashion brands really come into their own, adapting to consumer demand effortlessly and streamlining their operations. With so many similar fashion companies competing against each other, brands have quickly harnessed the power of data, efficiency and savvy marketing strategies.
In today’s modern era, digital-first retailers changed the face of the fast fashion market. Factors such as globalisation, affordable supply chains and the disposable income of consumers have all played their part over the last 12 months or so.
So, what was the key to the success of fast fashion brands last year? Let’s take a look.
Trend-driven buying choices
For many fashion brands, it is all about the trends and the season. After all, this is what drives people’s fashion choices and what clothes they wish to add to their wardrobes. This naturally fuels a fashion brand’s buying decisions, producing trend-led clothing and accessories for the right audience at the right time.
Fast fashion brands tend to rely on digitally-native millennial customers, harnessing the power of online shopping to the maximum. However, some brands are able to do this better than others, thanks to many other factors that are also at play.
Supply chain management
To many fast fashion brands, supply chain is everything. Without efficient management of their supply chain, brands could have a very difficult time keeping up with consumer demand in such a fast-paced industry.
Fashion brands in this sector can often depend heavily on short design-to-delivery lead times. Consumers are becoming increasingly used to getting the newest trends delivered to their door almost instantly, with some brands now even offering same-day delivery. Making sure brands have that stock can be crucial.
Some fast fashion brands have begun to depend on production close to the company itself. Manchester clothing wholesalers have certainly felt this, and have been able to partner with so many of the leading retailers who have headquarters in the northern city.
Now, more than ever, brands have access to incredible amounts of data to help forecast the fashion trends. This has become essential, allowing fashion brands to control their inventory much more efficiently. In turn, brands who utilise the data available to them can succeed by only buying items they already know will sell well.
Hitwise data from 2018 showed that fast fashion accounted for 66% of all fashion-related traffic; a figure that is sure to have risen since then. This is significant because it shows just how much consumer interest the fast fashion industry is getting, and it’s important to know who those consumers are and what they want from the brand.
Enhanced payment capabilities
One of biggest trend shifts in the fashion industry has been increased payment methods for consumers. Klarna has helped to drive growth among fashion e-tailers, lowering the barrier for purchasing. Pay-later solutions have become more popular amongst younger customers.
In the US, merchants utilising Klarna reported a 68% increase in average order value alone.
Influencer marketing continues to be key
Influencer marketing has saturated the fashion industry for some time, but shows no sign of slowing down. As new influencers are created frequently thanks to shows such as Love Island, new opportunities are presented to brands to allow them to keep advertising through new audiences.
While it is becoming more of a challenge as brands compete for influencer attention, brands are still finding new ways to push the envelope and evolve through this unique marketing strategy.