What is the most important factors for change in the fashion industry at present

What is the Most Important Factors for Change in the Fashion Industry at Present

Fashion industry is one of the profitable industries in the world and as predicted , in future . Changing economic relations and fashion trends , cheap production and the rise of the Third World Countries are the main driven forces in this arena . Globalization of markets , economic integration , and removal of barriers to trade increase opportunities for international fashion marketing

Recent years , the fashion industry and fashion marketing have been influenced by global economic changes . It concerns the type of

br production and raw materials , new technology , a new system of global manufacture and the rise of national economies . The main industry demands are visibility agility (Retail Apparel and Footwear 2003 . These factors have a great influence on fashion marketing and strategic planning . On the international scale , fashion marketing is faced with differences in consumer tastes and needs , economic levels market structures , ways of doing business , laws and regulations

The most important factors for change in the fashion industry include changing life style of consumers and demand patterns . Such phenomenon as cultural globalization receives the development from technological revolution and economic globalization which together create a stream of the cultural blessings . Modern consumers are driven by world fashion trends rather then national fashion . Volatile consumer purchasing patterns (Retail Apparel and Footwear , 2003 ) require fast response of companies in to meet changing requirement and remain competitive

Television and internet shopping are the main channels of marketing in globalize world . These channels help the fashion industry to build a strong relationship with its customers worldwide . The development and management of customer relationships has , in recent years , become a central focus of fashion marketing policy and conceptualization as it has been realized that they are valuable assets of a firm . Moreover , the transaction costs of managing the supply chain reduces by use of standardized and effective information-gathering , processing and dissemination systems and network externalities generate more opportunities to expand and develop business . These benefits provide the attraction for established 'bricks and mortar ' companies to develop online selling operations

Online fashion marketing helps to involve broad segments of consumers with different demographic , psychographic , geographical behavioral characteristics . Also , it allows the fashion industry to provide clients with all necessary information immediately including catalogues products for sale , information about installation services and customer support . Internet-based catalogs are updated immediately to reflect changes in pricing or product availability . Online marketing helps the fashion industry to improve the service that merchants provide to customers , while simultaneously reducing the costs of providing this service . The advantage of online marketing is a direct response from customers and their direct participation in improvements Fashion marketers rely mostly on their retail partners to generate traffic . Word of mouth is huge , so the viral element is key to any important initiative (McHale et al , 2002

Cultural perception and changing social values influence fashion market Adherence to fashion trends can thus form an index of social affluence and an indicator of social mobility...