A brand's assortment plan can be created using trend forecasting. This is a great way for retailers not to overstock and to keep their inventory in line. This process can help retailers reduce waste and create clothing that appeals to their target audiences.
Lululemon can, for instance, use trend forecasting as a way to anticipate what customers are looking for from their apparel. They can analyze social media trends to create a collection that is based on the current consumer needs and avoid fashion mistakes. This will allow them and their clients to make the right decisions for consumers, and ensure a sustainable future.
Trend forecasting is also a benefit to Superdry, which can use quantitative trend data in order to better meet customers' demands. They can integrate this data into design planning and make collaborations more relevant. It can be used to design collections that reflect their brand and keep up with the fashion trends. To appeal to the same consumer groups, they could create a collection with stripes in both men's and women’s apparel.
Superdry can also use trend forecasting to identify which fabrics and colors will be popular in upcoming collections. Stripes are forecasted as a safe choice for the Winter '21 collection of women's clothing. While stripes will remain -2% in visibility, this is still a reliable pattern that appeals to both genders.
Another trend that can be used for creating collections is velvet and checked print. These prints behave differently to other trends and should be planned in advance. In the US velvet is expected to enjoy a moderate market demand potential. But, checked prints will exhibit a completely different behavior.
For Spring 2021, women will want to wear orange-red. This is expected to have a universal appeal and be a fashion hit among all consumers. However, the market demand for this trend in Winter '21 will be smaller. Lululemon may consider exploring other prints for Spring 2022.
For Gen Zers, shirts jackets are the staple of their everyday wardrobe. It is also safe to buy large sweatshirts. Lululemon can combine these two trends to create an assortment that's appropriate for everyone. Lululemon cannot produce clothing that doesn't fit the needs of their customers. They will end up with excess inventory and be at risk of being out of stock.
C&A can make better stocking decisions because of trend forecasting. By creating an assortment that is in line with consumer demand, they will reduce stockpiles and prevent waste. This will allow the retailer to expand beyond its existing markets.
C&A is a multinational retailer with a long history of apparel. They have many daughter brands that help them reach their goals of creating fashion-forward apparel as well as being a leader in sustainability. They are fast becoming leaders in this area due to their strong commitment to transparency. They have a wide consumer base that allows them to ensure that the assortment they offer is relevant to their target audience.
FAQ
Are social media platforms having any effect on the fashion industry?
One of the most significant stories in recent years has been the rise of social media. Facebook has more than 2Billion users around the globe, making it a key platform for businesses.
It is easy to see how this could help brands reach millions more potential customers. It isn't always that simple. Brands should consider whether or not they wish to advertise on social networks. Or if they prefer to build relationships with their followers.
It's important to balance engagement with brand awareness when you advertise on social media.
What are the latest consumer trends?
Because they impact our lives, consumer trends are increasingly important. They are also a key factor in shaping the future of commerce and business.
The world today is changing faster than ever before. We live in an era of rapid technological advancement. Our lives become more connected and mobile. We are experiencing unprecedented levels and changes.
This means that adaptability is key to success in the long-term. The best people are always ahead of the curve.
Consumers are faced with options that aren't possible just a few years ago. This presents huge opportunities for brands and businesses. But, there are also challenges.
There is a lot of demand for convenience. This has driven the rise in eCommerce and online shopping. Consumers want options and choices. Therefore, consumers expect to find the information they seek when they search.
They want to make the best buying decisions when it comes to products and services. They want to be able compare prices, read reviews, and share information quickly.
These changes are coming quickly and it's easy to get behind. It is important to keep up with all the latest developments and develop strategies that will help you stay competitive.
You must focus on innovation and customer experience to succeed in this environment. These are the keys for staying ahead of your competition.
It's not enough just to sell great products or provide outstanding service. It is essential to invent and create new experiences. And you must deliver exceptional customer service.
You might have heard of the term "customer obsessiveness." This refers to the belief that you will surpass your customers' expectations if it is true love for them.
Customers expect great service. It is a challenge that not many businesses realize this. They instead assume they should treat customers the same way as any other client.
They will focus on features and prices to market their services and products.
But customers aren’t buying new products or services. They're choosing between many alternatives.
Instead of focusing on the price, think about how you can create unique value propositions. It's what will separate you from your competition.
And it's not about making something more. It's all about offering something completely new.
How can you do that? Innovation is key!
By being creative!
Thinking outside of the box is key!
And most importantly, providing excellent customer service.
What are your predictions for the fashion industry by 2023?
The future is unpredictable. But when it comes to fashion, there are two main trends we can expect to continue. One is the rise of athleisure. Athleisure is already gaining popularity, from yoga pants to shorts and tanks to sweatpants and sweatshirts.
It's not only clothing brands who are adopting casual styles. It's also becoming more common for athletes to wear them. Athleisure clothes are becoming more fashionable among tennis stars, like Serena Williams who wore them while playing against Naomi Osaka.
A trend that is sure to continue is personalized products. Nike, for example, has started making shoes that are specifically tailored to each individual's foot.
We will likely see more advancements in wearable technology as technology advances. The way we shop could change. Mobile apps that allow you to personalize your outfits could be a reality as self-service kiosks are more common.
What's the impact of technology in the fashion industry? There have been many changes.
We see a shift towards digital stores from physical ones. eCommerce is becoming more popular.
We're also seeing a shift in how shoppers interact and shop with them. While shoppers want to shop wherever they are, they still want to feel special when visiting a store.
Retailers are responding by finding new ways to connect with customers. They offer mobile payment options so that shoppers can shop while they browse. Or, they offer apps that allow shoppers to find new items and make purchases before actually entering the store.
Shoppers are also becoming more demanding. Shoppers aren't content to just browse catalogs and websites. They want to experience things firsthand. So, retailers open pop-up stores, host events and launch pop-ups for shoppers to experience new products.
Statistics
- Just 5% of consumers expect to wait until December to begin shopping, while more than 70% said they'd start before Thanksgiving. (junglescout.com)
- and what they are traveling for, with 78% of respondents wanting to impact the community they visit positively.1 Eating & Shopping at Small businesses (americanexpress.com)
- OTC Medicine 57% Beauty & Personal Care 52% Vitamins & Dietary Supplements 51% Home & Kitchen 47% Top retailers where consumers are shopping in 1. (junglescout.com)
- 70% of parents surveyed agree that in 2022 they are planning to take their first international trip with their children since before the pandemic. (americanexpress.com)
- 55% of respondents agree they want to book a once-in-a-lifetime vacation in 2022. (americanexpress.com)
External Links
How To
What are the Top Travel Destinations for Summer 2023?
For summer 2023, most tourists will be looking for cheaper destinations than the last year. But there are also some surprises.
Egypt is the top tourist destination in the summer 2023. It is experiencing a boom in tourism. Its stunning scenery and rich cultural heritage are two reasons why Egypt is so popular.
Another surprising trend is that visitors are moving away from Europe. While Europeans may be heading to Asia and North America, Americans will choose Canada and Mexico. These two countries offer incredible value and stunning natural landscapes.
But it's not all bad news. The world's most expensive places are not surprising. We expect them to remain unchanged.
Although tourists are spending more per day in these areas, it is still attracting fewer tourists.
In summer 2023, we predict that the number of tourists from abroad visiting Switzerland will be below 50,000,000. A decline is partly due to the recent terror attacks that made the country feel unsafe.
This is a big change compared to the past ten years. In 2003, Switzerland had an estimated 150 million international tourist arrivals.
The Swiss government has tried to reverse this trend but it may be difficult for the country to recover unless they make some changes.
You could encourage workers from abroad to move away from the residents and instead of taking their jobs.
They could also raise taxes on luxury goods, such as private jets and yachts.
Oder they could reduce prices so that people can travel to Switzerland.
There are many options to improve the situation.
Book now to take advantage the 2020 coronavirus crises and travel abroad if you have a goal.