Fashion is Fast … Put on Your Running Shoes
Fashion brands across the world see tremendous business opportunity in satiating consumers quest for newness and in meeting their demand for contemporary designs at affordable prices. To keep up with fast fashion, the retail industry needs to be agile, sensitive to changing customer needs, constantly monitoring customer buying behaviour and delivering high quality products. At the back end, the industry needs to have a highly integrated supply chain that ensures customers get what they want, when they want it.
Fashion is different ..to different people
Classifying Fashion on the dimensions of trendiness, mass appeal and Price:
Mass Fashion – references to anything that is the current trend in look and dress; it is priced as per its aspiration value for the mass customers.
Fad – Products become a trend quickly or products trend in quickly. For a fad, products are available at very low prices to justify the short lifecycle. Fads may be related to certain events as in sports or music.
High Fashion – is described as fashion which is driven by individual creativity of the brand owner. It is trend setting, exclusive, customized and unique. The price of high fashion products is driven by exclusivity and customization and is usually out of reach for average consumer.
Fast Fashion – is fashion that emulates high fashion but is available to fashion seeking customers at a price that they are willing to pay.
Fast Fashion is In
In this fashion conscious world, customers always want to be trendy and access the new in thing as fast and rapidly as possible. This makes fast fashion highly demanding both on price and delivery.
A few characteristics of fast fashion are:
1.Fast Fashion is real-time
2.Fast Fashion is access to high end fashion at lower prices
3.Fast Fashion is manufacturing it quick and cheap
4.Fast Fashion styles are introduced with a short lifecycle
5.Fast Fashion is characterized by rapid inventory turns
PLM Meeting the Demands of Fast Fashion
How Fashion Retailers Leverage PLM
A brilliant replacement to manual processes, PLM solutions not only accelerate an organizations product development cycle but also remove inherent inefficiencies of a manual product development process. In the fast fashion industry, PLM solutions play the following significant roles:
Innovation: PLM allows designers to spend more time on creative and innovative thinking rather than struggling with data and communication. Designers are therefore, able to improve quality and quantity of designs they churn out.
Transparency: A single version of truth ensures that processes move faster on the PLM system while avoiding the back and forth mechanism of a conventional communication and data sharing system.
Complexity Management: Through PLM solutions, an organization can manage complex processes like storing fabric and raw material information in a simple and effective manner.
Sample Management: PLM brings organizations and their vendors to a single, shared platform enabling them to collaborate easily on Request for Quotes (RFQs), samples and timelines. Resource realignment: PLM tools enhance the efficiency of production centers resources to actually allow the movement of product from the home country to offshore, thus significantly reducing costs.
Cost reduction: PLM tools break the silos between product teams and vendors, presenting an opportunity for aggregation of materials across product lines.
As competition increases and fast fashion becomes faster, brands have to contend with lower margins and faster delivery cycles. PLM is an ideal tool for such a dynamic scenario. The advantage of PLM is that it is not just a set of solutions but also an up-tothe-minute practice that enables fashion companies to bring together the often thought to be irreconcilable goals of exceeding expectations of the customer and beating competition in the market place.
PLM adds value throughout the lifecycle of a product, starting from conception and planning of a season to the time a product is delivered to the customer. By decreasing complexities and increasing efficiencies within a system, PLM helps in reducing lead time of a product, while making product development cost-efficient and the product superior in quality. As Fast Fashion becomes more and more important in today’s business landscape for RFA Retailers, PLM will continue to provide a stitch in time.
Fashion is Fast … Put on Your Running Shoes