Ever since the pandemic outbroke, people have had to limit their spending on fashionable accessories and appeals that directly impacted the sales and revenue of handbag brands and retailers. However, as the pandemic is gradually eradicating and more vaccines are rolling out to encourage people to step out and shop, the landscape for the handbag market is gently improving. Accessories brands note this slow yet steady rise in the market and offer solutions that will allow them to leap in the industry. Customization is one such solution that enables bag brands and retailers to understand the market demands and accordingly mould their business model. The handbag design software is a customization solution that works on similar ground and enables brands to accommodate various demands put forth by their customers. It empowers your buyers to design their bags as per their fashion preferences and personalities and become trendsetters on their own. Also, it helps brands to offer novel digital services to their buyers, which makes their clients come back to their sites more.
Bags Designing Software Enables Businesses to Boost Their Market Presence
The fashion apparel and accessories industry has witnessed its most turbulent times, where every offline retail store was shut for an unknown extended period. But as the world is moving back to its normal periods, the sector is observing an increase in the spending patterns of its consumers. This has strengthened the brands and retailers' confidence to bounce back and regain their potentials as the economies of the developing countries improve. And to regain their hold in the market, they first need to understand people's buying patterns and what drives them to purchase a product; in short, they must have insights into consumer behavior. Like any other industry, the global handbag sector is driven by consumer preferences towards changing trends, and in this sector, it is influenced by millennials choices. The industry's key stakeholders are trying to form strategic partnerships and expansions to cater to the growing demand in the luxury handbag segment and boost their sales in the online marketplace. Consumers across demography have been following a similar trend where they favor authenticity over mass production. And as we enter the era of Gen Z, marketing analysts are signaling a generation with a sure-fire aim to unlock and unwind during summertime.
Authenticity here doesn't only mean what the product stands for, but also what are the fresh marketing strategies, novel solutions, and hyper-visual mediums that will enable top management of brands to address the key issues that influence consumer behavior. This was just one factor to point out how many diverse and original products and business models are crucial for brands and retailers to stand out in the crowd. In the current blog, we shall discuss various factors and case studies that will help the handbag segment to scale up its sales and revenue.
Here are pointers that will inspire other brands to think of innovative solutions to boost their market presence across various sales channels:
1. Create Products that are Eye-Catchy
Telling designers and brands in the fashion and accessory industry to design eye-catchy products is like showing them a mirror. In this sector, continuous product development and innovation are key to making a place in the buyers' minds; however, brands fail to offer a product whose distinctive features have been remembered by users for a long time. Take the case of Bottega, a leading luxury fashion house that recently launched its bag whose color seemed to have stuck with people forever. Its bright green color, professionally called Kelly green, has become fashion's new color du jour. The color has subtly become one of the brand's new codes and trademark colors, whose plush leather bags and accessories have been synonymous with the hue since introducing it for the brand's Fall 2019 collection. Bottega Green has infiltrated countless high street versions and inspired many of its contemporaries to offer the same color or pattern products. A quick filter search for the green on Zara's website results in a plethora of accessories matching the same tone, including a strikingly similar version of the padded shoulder bag with a gold chain that is now as instantly recognizable as a Louis Vuitton Speedy, a Chanel 2.55 or Balenciaga City bag. Zara's design may have been tweaked with a different quilt stitch, but the resemblance is uncanny.
The new color code has caught everyone's eyes, and Bottega is all set to capitalize on the trend by launching even more products that follow the same color code. This indicates the color has become enormously popular among customers and the media that every brand wants to tap on the lucrative opportunities it offers. This is especially true for the Milan-based maison, whose majority of revenue comes from accessories that contribute to almost three-quarters of profit. The brand has introduced many products, such as rubber puddle boots, leather outerwear, a fluffy bathrobe coat in the same color, and sold it for a stiff 6,500 euros. However, the brand has cautiously tried not to saturate its offers in one color in order to sustain peak interest and demand. Its various blouses and tops now come in different shades so that it can repeat its success over and over again. Interestingly, even the brand's packaging has been given a makeover, with tropical green boxes housing its accessory treasures.
2. Narrow Down the Gender Gap
In the last one year, the fashion and accessory industry has undertaken various revolutionary steps ever since the movement for inclusivity started. The sector for a long time has been a victim of standardization as it lacked diversity and inclusivity to cater to the standard size of buyers. Some brands may make business sense to limit production to a few standard sizes since too many size variations may be more expensive to produce custom designs and increase retail space and inventory costs. However, inclusive fashion has taken a quantum leap in recent times as it has transcended size variations to include race, gender, age, and disability. And with the power of social media, shoppers have been successfully able to mould brand strategies, and the industry listens. From street looks, athleisure and formal wear to lingerie, shoppers want what works on social media. Strong advocacy for inclusive fashion has brought about a sea of change in a fast becoming consumer-centric industry.
British heritage leather company Tusting has launched a collection of unisex bags using pre-loved Barbour jackets and coats. The Barbour Re-Loved and Tusting collection partnership feature three styles: a rucksack, holdall, and tote. Each bag launched in the collaboration is unique and consists of just 100 bags, with each one individually numbered. The project's core is a shared approach to sustainable design, and each collection is designed to last by being handmade through patchwork panels from the Re-loved Barbour jackets in Tusting's workshop in Lavendon. The collaboration will work wonders for both companies as they can get the best of both worlds. Through Barbour's Re-Loved programme, Tusting will be able to produce recycled and upcycled bags made from wax cotton.
Likewise, the Barbour will be able to bring back the old garments and make unique designs for buyers. The partnership will demonstrate that each company is able to rise to each other's level and introduce products that are one-of-a-kind.
Likewise, the 3D bag design software, a customization solution, allows bag designers and brands to leverage the trend of blurring the gender gap. It allows buyers to customize their bags in the ways they like and gives wings to their imagination by enabling them to create a product that meets their expectations and satisfies their fashion sense. The tool comes with digital features that allow customers to preview bags as they design them and also allow them to see the prices for the product as they customize them. Brands and retailers now have the opportunity to set themselves apart and boost their business with this robust business solution. Our developers have created a fully customized solution that meets every business's needs, offers complete eCommerce storefront integration. The tool is built on threejs that runs on all devices and platforms, enabling your buyers to pre-load the font, leather texture, and many other formats.
3. Explore New Avenues for Growth
The US, Europe, and Canada have been the primary fashion resources for the entire world, but the time has come for leading luxury fashion companies to look for alternatives and new marketplaces to expand their horizon. Though in the past, many bigshots of the industry, such as Gucci, have failed to perform up to its expectations with a worse slowdown in the third quarter as COVID cases and disruptions in Asia kept shoppers away from new collection was slow to reach stores. According to the press released by the brand, it has posted a 3.8 per cent sales increase to €2.18 million in the third quarter, below expectations of 9.1 per cent and trailing the second quarter 86 per cent growth. However, Kering said it rose 12.2 per cent for the overall group, citing growth from Saint Laurent and Bottega Veneta. For the Asia-Pacific region, Kering's overall comparable growth rose 1 per cent, which has been the slowest geographical division after Japan and Western Europe compared to 53 per cent growth in the second quarter. Moreover, China said that the country had climbed growth by 4.9 per cent between July and September, the slowest GDP pace this year, pushing luxury stocks down. Still, rival luxury conglomerate LVMH reported a sales increase of 24 per cent for its third quarter, despite turbulence in China.
There were good signs in Western Europe, Japan and North America, where local clients contributed to the maximum growth at Gucci. But many experts believe that Asia-Pacific, especially China is more challenging. The pandemic restrictions have hurt the store traffic and forced retail events to be cancelled, which broke the company's backbone. Many experts and analysts have closely watched the curious case of Gucci as it continued its untempered growth and gained tripling sales. A brief falter earlier this year made people assume that its popularity was waning, but as the company moved towards the local customer, charged more on handbags, it was soon back on track. This indicates that the company has nothing to worry about, as even after the third wobble, it still has the potential to be back with a bang. For this to achieve, it needs to elevate distribution with a focus on a more controlled e-concession model and get rid of the conventional wholesale. According to many experts, it needs to increase the average price for each of its products while also finding a way to entice its multi-timers, the customers who make several purchases per year.
Indeed, finding new ground to fire your business is a daunting task, but brands shouldn't hold themselves back from innovating and experimenting. Finding the new market base will help brands to connect with local businesses and buyers directly, understand their demands, and accordingly plan their actions.
Closing Comments-
In a nutshell, the coronavirus pandemic undeniably dented the industry's entire supply chain and business model. Nevertheless, the segment took the challenge on the chin and developed solutions and adopted strategies that helped it bounce back and be at the top of the game again. Yet, there are certain companies that still need to find ground to regain their former hold. The handbag design software by iDesigniBuy helps bag manufacturers and retailers adhere to the latest business trends and incorporate relevant business strategies that will leap their sales and enable them to be at par with their contemporaries.
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