COVID-19 has truly been an inflection point for many businesses. The global apparel industry has seen many newer trends in its growth trajectory.
Some of the factors post-March 2020 that we have experienced are below
• Digital Business Models • Influence of Big Tech Platforms • Global supply chain networks
Let's take a deeper look at the tradeoff of having your own brand and channel vs utilizing existing and popular channels.
It is evident that Digitalization has not left alone any business domain and it keeps on evolving every single day. At first glance, fashion appears relatively insulated from disruption. Algorithms are still no match for human intelligence when it comes to picking clothes people want to wear, and Amazon’s attempts to gain traction in the luxury market have largely failed. It might look on the surface that the fast fashion segment is unlike other segments such as e-retailing or Uberized shared economic models. The prime reason for that is the subjectivity when it comes to choosing what one decides to wear.
Lets Study some precedents
Despite some of these assumptions it came as no surprise that Amazon beat Macy’s and JC Penny’s of the world as the largest apparel retailer many years ago. Yes, there is evidence as to why it makes more sense to have an individual brand that can speak to customers in the way it communicates to them. Consider Nike deciding to part ways with Amazon as one of their sellers and strengthening its DTC- Direct consumer approach with its ecosystems. When it comes to fashion or brand retail named brands, more often than not, there is a cultural aspect involved. Your initial customers that become the advocate of your brand, imbibe those values. For example, Nike embodies the inherent potential in human potential, but this value proposition gets diluted when there are 50 other brands sorted by price in a platform such as Amazon.
How we approach storytelling
At Bloomcanvas, we value partnerships and the humble roots of their initial concepts. We truly believe in the imaginative and transformative power of storytelling. Contact us today to learn more about our work and how we can contribute you