Eight trends of modern fashion business

In The Higher School of Economics starts recruiting for the master's program "Management and Marketing in the fashion industry". Her supervisor, Natalia Chinenova, told about how the fashion business is organized today.

Modern fashion business in Russia is not only large retail and foreign brands. Local brands and niche brands are actively growing and developing. Of course, it is important for all market participants to know what is happening in the industry as a whole and to get into trends in order to be successful.

Omnichannel. Consumers using one sales channel are becoming rare.
Digitalization and manufacturability of sales and processes. For example, stores that have implemented terminal sales increase sales by 20%, and manufacturers who have digitized workflows save up to 30% of costs.
Decrease in sales volumes. With global market competition and a global decline in purchasing power, an increase in the number of discount stores where sales are growing steadily and by at least 5% annually.
Standardization of processes and cost optimization. Maximum efficiency can be achieved only by cutting off excess: extra costs, extra time, extra goods. The goal of standardization is leadership in minimizing costs and getting real chances for rapid growth.
New business models. New sales channels and new formats of points of sale, new ways of producing goods.
Focus on health and eco-responsiveness. Already, more than 40% of consumers say they are willing to pay more for products that help lead a healthy lifestyle, authorities are increasingly tightening consumer protection laws, social and environmental standards are growing.
Personalization of consumers and sales. Direct communication with each specific customer is a guarantee of successful sales.
Active strategies of communication with consumers in social networks. To generate interest in products, it is important to tell stories and communicate with fans in real time.

Photo: Natalia Chinenova