Though the pandemic has shackled the economy, its silver lining has unleashed tremendous opportunities in the retail sector. Ecommerce technology has helped luxury fashion brands to introduce new platforms to make the business models simpler, faster, and safer. Additionally, it has helped brands and consumers to exchange their ideas seamlessly. However, launching on customization in the online marketplace have helped luxury and personal accessories brands to tap on the unexplored possibilities and offer something unique to their customers. The custom shoe designing, a customization portal, works in the same lines and enables leveraging the power of personalization coupled with digitization. The custom-made solution enables brands to make the most recent trends and help buyers make their funky pair of shoes.
Custom Design Shoes Helps Brands Stand Tall Amid the COVID-19 Crisis
These days, fashion brands are adopting numerous strategies to cut through the noise and gain buyers' attention. In a crowded place, such as the footwear industry, the stakeholders have to come up with solutions that ensure the longevity of their business and grapple with the cut-throat competition. In fact, due to these reasons, business-to-business (B2B) e-commerce, which is still at an early stage, represents a vast field of opportunity. Globally, trade-in business goods surpass $120 trillion a year, and less than 10 per cent of it is carried out online. This is expected to reach 30 per cent over the next three years. B2B buyers have high expectations and more complex needs, although the lagging shift to online isn't solely based on the lack of technology. Historically tepid demand from older and smaller businesses has been another key factor when it comes to system evolution.
Additionally, many business houses that the older entrepreneurs originally led now see a shift in how they are functioning and operating their businesses. They seamlessly adopt the digital curve and take help or hand over the rein from/to the younger generation. The statistics suggest that currently, 44 per cent of millennials are making B2B purchasing decisions. These figures support the notion that moving to the online business with digital technology is much more crucial than it ever was.
Moreover, many emerging brands, including Kane Footwear, is a great example of a startup growing demand and community. By combining personal experience with passion and purpose, Kane's early success offers lessons to entrepreneurs on the journey to building impactful businesses. These days it is more about creating better environmentally friendly products than aesthetically pleasing products. And all these changes are only possible if the brands use the golden opportunity of bringing the advanced functionality together with the designing and selling process. Examples of these processes would be custom orders, customer quoting, invoicing, automated purchasing, managing full truckload shipments and complex logistics, and embedded financial services like warranty, insurance, and invoice factoring. Many companies are working to build this functionality to streamline the process for buyers and suppliers.
The customized shoes online is one example bridging this gap and enables brands to get the best of both world, that is, digital technology in business model with ease in production. The tool ensures customers get the freedom to design their favorite pair of footwear in whichever way they like to preview it using 3d technology. With the help of this software, customers can customize their select shoe at various predefined positions of the shoe and can also select the fabric and accordingly choose the available color for customization.
From the facts and figures mentioned above, it is evident that the future of retail is technology, and brands must buckle themselves up to adhere to the changing dynamics and be in a better position meet to deal with any changes that come their way. Having said this, it's just about the right time to invest in the technology and stream through the waves of digital change. Let us look at the various avenues that open the gateways for brands to experiment with their business models using digital technology.
Here are some ways brands are capitalizing on the digital solution to thrive in the footwear industry:
· Tapping the Social Commerce
Social media and its business models are not just the words; they have become a trend to do business. Ecommerce is exponentially increasing and changing the processes for brands to design and sell. In fact, research has anticipated that e-sales will exceed $735 billion by 2023 as 81 per cent of consumers search for products they need to buy on Instagram and Facebook, making the two channels a massive reference hub for shopping. The facts suggest that these new models have beyond the facilitation services of increasing the traffic to conventional sales channels. Instead, they now help brands offer a new shopping experience to their buyers from viewing to checkout. The old methods of gaining traffic, such as websites and applications, don't attract many new customers as they have moved on to the social media apps for browsing the different collections. These new platforms are easier to use and more accessible and offer safer payment options that could rarely be found in the older models.
The surge in social commerce is likely due to the fact it benefits both the consumer and the brand: Social commerce cuts a significant length in a user's buying journey by allowing them to take action immediately after seeing an advertised product, therefore eliminating the web sign-in process or app downloads, as well as reducing common issues for brands, such as abandoned carts.
· Promoting Re-sale Market
Sustainability is not a new concept. For ages, we have been listening that the luxury fashion industry being the biggest contributor to the deteriorating the planet and causing climate change. For some time, it felt that all these claims and complaints fell on deaf ears, but to everyone's surprise, this wasn't the case. Several luxury brands were making strong cases to deal with the dangerous situation. Meanwhile, online commerce came as a blessing in disguise for brands through which they could easily turn their dreams into reality.
The concept of "resale" and "sustainability", which seemed to be far away from reality, is actually possible now. Online platforms like eBay have made it infinitely easier for buyers and sellers to find each other and transact. Recently, the leading digitally native brands, including Poshmark, thredUP, StockX and The RealReal, have further legitimized the second-hand market, while juggernaut Kering invested in Vestiar Collective earlier this year. Fellow titan LVMH is staying on the sidelines for now. Moreover, the rising awareness among buyers regarding the brand value, their attitude towards nature, their CSRs, and other factors have contributed to making the resale market more successful.
Closing Comments-
Yes, it is understandable that the progress in digital technology could be complex, but it is also crucial for brands to realize that it is the future of the fashion industry. Though its pace might appear slow, it is ramping up quickly and will eventually take over the age-old business models. We shall see in the coming days supply chains become entirely digitized to make it simpler and less costly to run - and start - a company. Luxury houses that fail to realize the increasing importance of digital technology with ecommerce will fall flat. It is also true that adhering to the changing needs of the customers' needs is daunting, but this is a one-time effort, and help brands garner more profit in the future. The custom shoe designing by iDesigniBuy enables the brand to tap on these demands and help them emerge as a winner in the race of future retail business.
Comments
Post a Comment