The Emergence of New Business Models in Fashion
Updated: May 14, 2019
While no sector has been immune to the onslaught of digital, some industries have adapted far faster than others. The biggest example of this is the fashion industry, which has seen a boost of vitality and innovation and continues to grow at a rapid speed. Technology has enabled these brands within this industry to break barriers, find more exposure and new audiences, and organically grow their brands fast...and cultivating loyal followings along the way. But how has this been possible?
Harnessing the power of social media
Undoubtedly when discussing the new fashion revolution, the role of social media is incredibly important to consider. More importantly, the roles of platforms such as Instagram and their contribution to new fashion business models. These platforms have allowed brands to take the reigns when it comes to running their business and going direct to consumers before even building an online store
Plus, the influx of influencers has meant that there are a lot of unique styles, brand aesthetics, and innovation in fashion that ties directly back to the consumers themselves. Audiences can find someone who matches their style or find an influencer that might be the style they want to emulate and build a more personal connection. Social media and social selling has enabled fashion brands to build digital native business models.
The other factor in these new emerging models is the willingness to forego tradition and forge an individual path. Fashion within these business models is rested on building a personal connection, and building brand value that stems from the idea of "doing it my way". This makes the brand more authentic in the eyes of audiences and allows fashion businesses to organically build valuable branding that keeps their followers loyal. Some brands refuse to follow traditional fashion seasons, while others choose to build collections slowly rather than all at once.
No matter what, these changes herald a new era of fashion. Rather than continue with traditional rules, these digitally native fashion brands are creating a new status quo when it comes to branding, production, and going to market.