One of the most enduring and dynamic industries of human commerce, the fashion industry, has been around since man could ‘exchange’. Whereby we have been wearing clothes for thousands of years with the original purpose being ‘for protection’, it has evolved to represent status, individuality, culture and even religion.
With all the different aspects of life that fashion plays a part in, it was only a matter of time before other sectors- especially the marketing industry, began to be, by and large, influenced by fashion in more ways than one.
This general development or change in the way that people behave is continuous, and can impact business in several ways. Since featuring in designs by Valentino, Luis Vitton and Marc Jacobs, there has been an increase in demand for Africa inspired fabrics. Changing with generations, seasons and events, a fashion trend can impact where you source your products from and how your brand is perceived- if the current trend is vintage or sleek and futuristic.
Opened up more opportunities from more institutions
As a whole, the fashion industry comprises of more than just clothes and shoes. It entails hair, makeup, bags and lots of other niche areas. It was once the case that a substantial amount of capital was needed to launch a business in fashion. But not anymore, as many financial institutions have begun to recognize the potential of the $56.2 billion a year industry. Now you can acquire loans that are specially designed for business people in the fashion and beauty industry, and apply for insurance deliberately developed for such enterprises, like the custom insurance policies offered by AXA insurance.
Created a new B2C Model
We have seen the effect of Social Media on the way we communicate with our family and friends, near and far. We have also seen Social Media metamorphose into a marketing tool for the new generation of fashion stakeholders. From YouTube make-up reviews, twitter influencers, to ‘Instagram celebrities’ with large followings being paid to promote, fashion has opened up a whole new B2C channel that requires little formal education, is cheap, direct and accessible to all.
A New definition of ‘Expert’
As commerce continues to be influenced and highly dependent on populist behaviour and social norms, being in ‘the know’ trumps ‘how much you know’. In today’s highly digital world, more companies position their brands to align with trend, or create their own, with the guidance of a different sort of expert, the ‘street savvy, knows what’s hot’ expert. These new crop of market specialists have a keen eye for spotting the latest and coming trends, ultimately pre-empting an increase or decrease in certain product demands- such as forecasting a trend for a more natural way of life increasing the demand for organic products.Italy has a long history for being a hot spot for the early fashion trends that later will find their way spreading around the globe.
Hint: If you plan to step into the local fashion industry in Milan, Withlocals can provide you access to some local experts to go hunt for the most hip cloths and accessories.