The apparel industry is facing a possibility for uncertain events when it comes to deciding on what is next and what is new to the clothing manufacturing industry; many of the manufacturers and top leaders are confused on where to go. Many brands having been turning to micro trends but they aren’t any permanent solutions for the retail apocalypse. Many of the top leaders are facing the real retail apocalypse via ignoring the invaluable data hidden in their supply chain.
With the decline of several brands during the past years, it is evident that even the industry titans are affected by the retail apocalypse. Over the years, these brands became too secure in where they stood in the apparel industry, but did not look ahead for ways to innovate to compete with their market rivals. In fact, the apparel industry has been the most digitally-hesitant when compared with the other growing industries.
The most productive decision-making is based on the data that comes directly from the supply chains of a company. Technology has been advancing to allow brands to digitalize and trace their products from the ideation to the end of the customer lifecycle. Therefore, companies can pinpoint exact changes that are slowing down their supply chain. This allows instant solutions as opposed to waiting until a problem cost a thousand of dollars, which in turn fall into their loss. The brands that have been rising lately are the ones that have considered technology to implement data analytics and make changes that are necessary for their growth. Brands need partners who are willing to hold their hand during this transition in order to see their true investments into their supply chain.
However, some companies have been at the forefront of innovation. Brands started to invest heavily in technology that allows them the visibility to transform their supply chain in order to offer a personalized experience for each customer. Their return to these investments is immediately clear, as a strong customer experience from the mobile-experience in turn builds brand loyalty and creates brand ambassadors. Improving upon the customer loyalty will have organic growth to carry them through the coming years of uncertainty in the industry. With the retail apocalypse predicted to occur in two years, over 12,000 stores would mostly need to close by the end of 2019. The solution, which is a longer process, is that companies must begin to take the initial steps to adapt and make smart decisions with data and technology.