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reinventing the fashion business model

by:Max Apparel     2020-05-05
If you are a Project Runway enthusiast, you know that \"in the fashion space, you will join one day and you will quit the next day.
\"Host and model Heidi Krum talked about the relevance of contestants fashion in the show, but it also applies to the central theme of the three experts discussed in the recent SAP game --
\"Reshape the fashion business model\" radio broadcast.
According to the panel members, most fashion brands know that they must innovate in order to meet the needs of customers, and the most successful thing is to blur the boundaries of the supply chain, and weave customer data into the structure of the business strategy.
Brand differences are one of the biggest challenges for today\'s fashion retailers.
Many companies trade products under different names, catalog products with different styles and communicate with customers in a slightly different way.
Brands need to maintain a close relationship with their customers, and one of the ways to foster that relationship is to put numbers at the heart of their business model.
For Jeff Goldberg, general manager of Accenture North America retail, this means that the brand must have \"[c]
Consistent, coordinated information on your company [that’s]
Connect in a way that is easy to communicate and collaborate with customers, suppliers and more important colleagues.
\"The single source of the TruthGood infrastructure is not just the convenience of communication, it\'s not just other tactical approaches to getting in touch with customers.
It\'s about getting data to help businesses do this in the most effective way.
\"The more facts we can get, the simpler systems, processes, and data are, and then tell the story, and then, people have more time to actually analyze, to come up with a better idea, \"said Matt Marcott, founder of M2 collaboration.
For him, this means that businesses that invest in infrastructure and understand the data they collect will be released to do more innovative things that meet the needs of their customers.
A source of truth must be integrated into every part of the business, from manufacturing to buying, and along the way, the customer is the center of every decision.
Businesses need to have a \"single view\" of their customers through their supply chain \". “[Brands that do]
Being able to really put the customer\'s emotions, the customer\'s feedback on the runway, in the fashion activities that go back to the supply chain, so that they can respond faster and provide the experience, \"General Manager Matt lauketis said SAP Retail in the United StatesS. . “[C]
Customers want to make sure that the brand they choose to buy understands who they are and brands need to make sure that they are extremely relevant to that customer at the moment the customer makes a decision or considers a purchase.
\"Meet the immediate needs of the customer, but what happens when the customer wants to buy immediately?
Brands must be prepared to meet this demand, especially considering that new players in the fashion retail space are flexible enough to stay ahead of the Primarks world, veras and Etsy stores.
The core business is \"reshaping the supply chain,\" says Mr laokaitis \".
The profile of the fashion brand, after the end of this season, will still walk on the runway?
\"Companies that really understand customers, know how to tell stories using data, create personalisation, customization, and relationships with customers are all winning companies, says marcotte.
With the development of augmented reality and other trends, the fashion retail model will change again.
What does that mean for fashionistas who are eager to get a faux leather Max woman jacketfrom their recent fashion show?
According to Marcotte, these fabrics may grow in the lab soon one day, which helps to deliver the product to the customer more quickly.
Listen to the digital industry as a whole, hosted by Bonnie D of SAP: changing game BroadcastingGraham, here.
The story first appeared in the SAP Business trends community.
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