A new report by Business of Fashion (BoF) and The McKinsey Global Fashion Index forecasts growth of the global fashion industry to decline by 3 to 4 per cent in 2020. This will pressurise brands to perform and fine-tune their customer base.
With the first scoops on talent and resources going to the top 20 players such as Nike, adidas, Pandora and H&M who make up majority of the industry’s profit, smaller brands are at a high risk of falling behind. BoF lists some other useful strategies such as improving in-store experience, creating sustainable products, and championing important values such as diversity and inclusion.
While the digital age has primed consumers to expect a quick and easy service it also opens up new opportunities for engagement. By utilising social media strategies to create eye-catching posts and keeping up to date with new technologies that make the shopping experience seamless, brands may stand a chance in 2020.