The business of fashion has changed and here is what you need to know about it. I’m Syama Meagher, CEO of Scaling Retail, and these days, in order to start a fashion business it is easier than ever. Why? Well, you have so many options when it comes to how you are going to launch, scale, get in front of your customer, and ultimately grow your brand. You know, in the old days, it used to be you had to do a wholesale model. You had to get in front of buyers, and buyers were only buying twice a year. Now, you can actually be pitching to buyers 365 days a year. They always have an open to buy and they’re always looking for new brands and new products.
Now, e-commerce, of course, a very different ballgame. Right? E-commerce is still relatively new in the fashion space, and you are seeing some big players out there who are really paving the way for the future of this industry. You know, it used to be with e-commerce, you just had some big businesses, right? You had the Macy’s, the Bloomingdale’s and now it is easier than ever to launch a business. However, it isn’t just the ease of getting a website together that’s changed. It’s actually the business model itself. As a brand owner, you have the capacity to actually flip the script and create a model that’s going to be sustainable for you.
So, let me give you an example. There are businesses these days that are launching with just five products, and releasing a new product each month. Now, you’re asking, “Why would someone only want to launch one product a month? Why would they want to only come out with such a small collection?” Well, they’re building that customer relationship. They are starting to create an awareness and a certain cadence that their customers can expect from them.
So, when you’re starting to think about the different kinds of models, you want to start by figuring out what is it that I want my brand to stand for? What is the kind of communication that I want? If you’re opening up an e-commerce shop online and you want to be selling multiple different brands, you no longer have to only contact distributors. You can go into markets, you can go into downtown LA or head over to the garment district in New York, and actually take advantage of buying wholesale much easier now than ever.
So, the options are there for you. Right? You have so much ease of access to market, there are so many different marketing channels and ways that you can actually get the word out there and then ultimately your consumer has changed. And the consumer shopping behavior is really what has driven so much of the change that I’m talking about today. Consumers are looking to buy into a story. Consumers are looking to buy a combination of high and low. Companies like Zara, H&M, these guys really flipped the script in terms of what it is consumers are learning to expect.
So, when it comes to thinking about catering to your consumer, I ask you to think about two things. One, what is my brand messaging and what do I want to communicate? And two, what is it that my consumers are looking for and can I actually create the synergy between my product, brand, and consumer interest?
Alright, guys, I know the industry has changed so much, congratulations on taking your step into the fashion industry. I hope you find the right model for you.
Leave a comment below on our channel. I’d love to hear what models you’re using to get successful. I’m on Facebook, YouTube, Instagram. Guys, I am where you are, so please, come and find me. Thanks so much.