PROFIT
For a business to function, as well as a signal of the well functioning of a business, is a financial gain, meaning earning more than the amount spent – profit. Certainly, to achieve that, people must implement marketing strategies to engage customers in their products and display them efficiently. A vast understanding of actual trends and anticipating ones to come is vital to success.
Myriad brands earned their desirable recognition, and businesses are performing on a colossal scale, making the fashion industry one of the biggest in the world. “The revenue of the global apparel market was calculated to amount to 1.53 trillion U.S. dollars in 2022”, according to current statistics. (Smith, P. 2023) Furthermore, the boundaries of the industry are continuously expanding, with people raising consciousness and freedom in choosing garments. The market has become more varied and faster-changing than ever. Therefore, plenty of sectors are involved to make people buy a final product.
The fashion industry encompasses many niche industries such as design, manufacturing, distribution, marketing, retailing, advertising, and promotion in rarefied and expensive haute couture or cheaper ordinary clothing. (Kiron, M.I. 2022). Dying, spinning, and weaving fibres is the first step in creating fabrics. Creative ideas provided by designers are then introduced to manufacturers, providing them with specified flats to sew the garments. The materials need to be sourced and ordered, and samples need to be made for presentation to retail buyers. After the final stitchings, the production process ends.
Retailers become the ultimate link in the supply chain from producers to consumers, purchasing products and selling to shops. Therefore, marketers with merchandisers are thus responsible for identifying and defining a fashion producer’s target customers and responding to those customers involving selling the right product at the right price, time, and place. It also involves presenting goods attractively and accessible through store windows, and promotional events. (Steele, V. and Major, J.S. 2018).
‘Sense and respond’ is crucial to maintaining a profitable position in uncertain economic times. That applies for understanding and tracking changing needs; “any cost-cutting initiative is to identify areas of waste and inefficiency. This requires a detailed analysis of the company’s operations, processes, and systems”. (Bhardwaj, V. and Fairhurst, A. 2010). Businesses may also be forced to apply some new products or opportunities. For instance, during the COVID-19 pandemic, fashion brands had to develop online sites and expand delivery options. Moreover, it is paramount to create an even stronger bond with employees and customers. Investing in the team is crucial for success. Open communication and providing support will result in gaining their trust and creating a stress-free environment. In addition, asking for feedback and listening to the customer’s needs is key. Improving brand service to an excellent level may help engage present ones and attract new buyers.
Many creative directors struggle with bridging creative vision with commerce. Nevertheless, to do that successfully, a brand should always understand current times and trends: thinking about a possible audience, trying to reach the most desirable audience by collaborating with people and implementing marketing strategies to create a unique aesthetic. With widespread recognition, brands can attract consumers and generate value. (Ahmed, A. 2013).
Bibliography:
Ahmed, A. (2013). Bridging the gap between art and business | Ajaz Ahmed. [online] the Guardian.
Bhardwaj, V. and Fairhurst, A. (2010). Fast fashion: Response to Changes in the Fashion Industry. The International Review of Retail, Distribution and Consumer Research, 20(1), pp.165–173. doi:https://doi.org/10.1080/09593960903498300.
Kiron, M.I. (2022). Key Sectors of Fashion Industry. [online] Textile Learner. Available at: https://textilelearner.net/key-sectors-of-fashion-industry/.
Smith, P. (2023). Global apparel market – statistics & facts. [online] Statista. Available at: https://www.statista.com/topics/5091/apparel-market-worldwide/#topicOverview.
Steele, V. and Major, J.S. (2018). Fashion industry. In: Encyclopædia Britannica. [online] Available at: https://www.britannica.com/art/fashion-industry.