The apparel industry is being forced to face unprecedented change head-on. Technological advances and radically changing consumer behaviors are combining to reshape the retail landscape faster than some retailers can react.
Today’s consumers have vastly different and greater expectations of products, service, value and the retail environment.
This shift in the behaviors and attitudes of consumers has caused retailers to reinvent themselves and completely refine their business models – creating a shopping environment that is essentially unrecognizable from the one just five years ago.
While technology is vital toward driving growth and customer engagement, the greatest challenge for retailers will be determining how to meaningfully integrate technology into their brick and mortar stores to maintain their relevance and create unique in-store experiences for their customers.
Because, even though this new multi-channel reality has put the role and function of the physical store under question, brick and mortar stores still play a primary and critical role in apparel retail sales.
Moving forward, the key to success for apparel retailers will be to focus on understanding who their customers are, what their customers’ needs and expectations are, and the ways they can best address those needs.
So as the apparel industry finds itself in the wild west of development and change, savvy retailers are turning to customer analytics as it provides the customer insights responsible for streamlining operations, enhancing productivity, refining merchandising strategies and customizing marketing initiatives.
Buxton’s report: The Pocket Guide to the Apparel Industry examines the implications of the impending changes to the apparel landscape, while also addressing the influence of core shopping segments and the customer analytic strategies necessary to drive growth in today’s environment. To learn more, download The Pocket Guide to the Apparel Industry now.