As COVID-19 pushed many industries to drastically change up their supply chain systems, a significant size of the fashion world was already there. Though they faced a small drop in profits due to the pandemic, businesses worldwide that embraced fast fashion still grossed a combined total of $31.4 billion in 2020 according to Intrado and shows no sign of slowing down. Utilizing the best E-commerce web solutions, Fast Fashion Supply Chain is revitalizing and keeping the retail industry afloat during chaotic times.
What is Fast Fashion?
While you may not recognize the term, the average person is probably familiar with the concept of a fast fashion supply chain from ordering clothing and furniture online. Also known as “fashion on-demand,” fast fashion defines the vertical supply chain management system that is set up with speed in mind, making sure the design, production, and shipping of items happens as quickly as possible.
If you have ever shopped at a store like H&M or Zara, you have likely taken part in fast fashion, but this supply chain system is not only for larger businesses. Smaller digital commerce retailers can also benefit from Fast Fashion Supply Chain, as the ability to quickly create personalized apparel and ship it out to customers in just a few weeks is game changing.
The Best Styles with the Lowest Prices
The fashion and apparel industries are always fickle, with styles coming and going within the blink of an eye. One of the primary benefits of fast fashion is that a business’s supply chain—if properly adapted to this method—is more than ready to quickly adapt to and move on to a new concept at the drop of a hat. Time is everything, especially when it comes to social media trends, as being just one day late can mean that you are either beaten to the punch or arriving right when customers move on to something else. Manufacturer Boohoo, for example, is able to design, manufacture, and ship a product on average within two weeks.
While they are more of an outlier when it comes to their speed, Boohoo’s supply chain strategy allows them to quickly grasp what exactly their customers do or do not want. Producing a limited number of clothing per design, they ensure that they will never be stuck with backrooms and warehouses full of shirts no one wanted. Once they find out through data and sales numbers, they can easily ramp up or stop production, saving an incredible amount of time and money compared to traditional retail practices.
This limited nature of the products is also helpful when it comes to customers coming out to your business. With traditional retail, everyone knows there will be plenty of a particular shirt or table, but the finite number of products in a fast fashion model entices consumers to run out that instant to buy one, as who knows how much is left or when it will return. In addition to the instant return on these items, the luxury of these scarce items also push customers to buy at full price rather than waiting on a discount.
It is no secret that many brick and mortar stores have been hurting due to decreased foot traffic and sales caused by the pandemic. Through these time sensitve, personalized luxury items, the fast fashion supply chain model has proven extremely beneficial to keep customers coming back for more when the industry needs it most. In fact, the model has proved to be so sucessful that the home goods companies like Wayfair and Houzz
Katalyst Difference
Clothing styles are always fleeting, but against all odds fast fashion looks like it is here to stay. Giving the apparel and furnature industry the shot in the arm it needed during the COVID-19 pandemic, the fashion on-demand model has given businesses the chance to cut costs and increase their cashflow. However, this is not a change your business can make just overnight.
That’s where Katalyst Software Services Limited comes into play. We are a leading IT consultant company that can help you along your path to revitalizing your business’s supply chain system. From products like iDesigniBuy that can help you better design and personalize your apparel, to our expert teams of visionaries that will help tailor these transformations to perfectly fit your business, Katalyst will be with you every step of the way to ensure things go smoothly.
If you have questions or would like to see what Katalyst can do for you, feel free to contact us today! We also offer free demos for select products, so you can see firsthand how software like iDesigniBuy or Cloud Celero can help your business.
