With an MCA (Master of Computer Applications) Degree, Mr. Dhaval is the Co-founder and Purchase & Technology Head at Veirdo, owing to his analytical mindset and immense technical knowledge. With an eye for detail, Mr. Dhaval oversees many important aspects of the business, such as identifying and recommending new technology solutions, implementing crucial executive policies and developing and overseeing SMART goals for hardware, software, and storage. A great negotiator, he is known for his strategic capacity planning, data security skills and acute leadership.
Fashion is one of the most dynamic industries in the world, continually evolving to meet consumer demands and style trends of the day. While the pandemic has created quite a challenge for the traditional players in the sector, it also presents boundless opportunities for new-age fashion. It is the right time to evolve and harness the potential of multiple new avenues that are likely to shape the segment in the near future, such as digitization, sustainability, athleisure, and casualization.
The new normal has also led to a significant shift in consumer preferences. In 2020 the fast fashion market saw its share of volume increase 84.6% when compared to the previous year, according to brandwatch.com. The key to the future is agility, and players in the fashion segment need to transform their operations accordingly, to continually offer the latest vogue fashion of the day, while scaling up their business. The long-term changes spearheading the same are even more relevant in the post-pandemic world, creating a future roadmap for the industry.
The swiftly evolving e-commerce landscape
India is undergoing a digital transformation that is advancing the ease of online purchasing and generating a maze of alternatives that outnumber those available in traditional establishments. The pandemic disruption has already created an opportunity for technological advances like data analytics, artificial intelligence, virtual technology, and others to take advantage of and alter the way fashion customers purchase. The next generation of customers appears to be adapting to the ‘new normal’ of shopping disciplines faster than ever before. Existing technologies are now collaborating with brands to improve the present experience. While e-commerce had been gradually increasing even before the pandemic, its role and capabilities were expanded. According to IBEF, India’s e-commerce order volume increased by 36% in the last quarter of 2020. With social media integrations, e-commerce is likely to become the centerpiece of shopping in the near future.
Branding sustainability within apparels
After relaxations on the lockdown restrictions, customers have been raising the bar for responsible innovation before evaluating their options. They are also measuring the quantum of sustainability built within the apparel before purchasing. The ability to provide generous services is essential for brands to remain prominent and create trust among their consumers. It will be significant in future transformations as brands embrace sustainable processes as their goals. Brands that emphasise sustainability will win the hearts of the younger generation and environment conscience loyalists. Nowadays, everyone is concerned with protecting their own health as well as the health of those around them. Keeping this in mind is pivotal for brands to build a turnaround for themselves and the industry. Sustainability remains as relevant as ever amidst the pandemic, with brands comprehended what their apparel is doing for the health of the environment as well as society.
Cost-cutting at sharp corners
Many businesses were obliged to make tough decisions to survive the crisis. They often adopted procedures such as cost-cutting, cash-saving and online sales. It has led to streamling of the workings in the sector, resulting in increased output and reduced manufacturing time. Furthermore, these decisions have changed the supply chain of apparel manufacturing for the better. The industry continues to adopt groundbreaking technology to create a profitable eco-system.
Communication to creating opportunities
The most important thing for brands and businesses is to commence discussions and conversations with the agenda of seeking innovative ways out for key business stakeholders. Suppliers must collaborate and communicate with each other to discover creative answers to tough business questions. There is a need to unite and lean on their shared principles and values to redirect the industry and specified segments for a strong recalibration within the fashion industry. These dialogues will eventually outline how consumers and corporate partners will interact when this crisis and its side-effects would be making an exit from the market. All stakeholders must maintain consistent and trustworthy connections at all times; especially while navigating the stronger tides from the pandemic disruptions. Brands should communicate with their suppliers openly and honestly about their immediate and long-term goals.
Collaborate on closing the gap
The crisis has highlighted the necessity for stronger collaborations and closing the gap created due to the pandemic disruption. Brands will have to take charge of the growing challenges by developing innovative strategies to generate space as stores reopen, and also regulate their existing inventories. It will enable them to collaborate with crucial supply chain partners as well as other local businesses to ready themselves for the reopening of stores. Providing the right mix of computer hardware, software, and consultancy will determine their success in attaining a higher footprint while keeping regulations in place. These businesses can even experiment with reprocessing their existing resources by following the three R’s: Reduce, Reuse, and Recycle. In the future, the additional review method is expected to also gain more followers in the fashion industry that will help in managing and rescheduling certain popular apparel stocks. Brands will then have the opportunity to review innovative and collaborative raw material handling solutions for closing the gap between production and purchase, both digitally and physically.
Technology is already a strong ally in the restoration and expansion of the fashion industry. As the journey continues with overcoming numerous challenges, businesses continue to expand their horizons and venture into new territories, building a stronger brand portfolio for consumers. With fashion brands continually reinventing themselves, the industry is gearing up for a mammoth of changes that will revolutionise the workings of the sector in the coming years.