While digital transformation is no silver bullet, it does promise tremendous opportunities in optimising the market landscape of tomorrow and remodelling businesses into profitable, sustainable enterprises
New Delhi: Fashion businesses in India and many other parts of the world are grappling with challenges on multiple fronts — supply chain glitches, shifting consumer behaviours, talent crunches and brand value erosion due to frequent discounting being the primary ones. Consequently, despite the galloping growth in consumption, profitability and value creation have been elusive for a large segment of Indian fashion companies.
While digital transformation is not a silver bullet, it does promise tremendous opportunities in optimising the market landscape of tomorrow and remodelling businesses into profitable, sustainable enterprises.
That is what CX Forum 2024, the concurrent event at India Fashion Forum 2024, will attempt to demonstrate on the 21st and 22nd of February 2024 at Conrad Bengaluru. To the over 700 fashion brands and companies, along with 100 CIOs/ CTOs/ CDOs, in attendance, CX Forum will be communicating nine major trends that can powerfully elevate fashion retail models and brand experiences.
Hyper-personalisation
No matter their age or interests, customers now expect tailored shopping experiences. In 2023, the global retail industry made efforts to bridge this gap, using data, analytics, and technology to offer highly individualised shopping experiences. In 2024, this will only sharpen with product recommendations, promotions, and content that deeply resonate with each customer’s unique preferences and habits.
Artificial intelligence (AI) & Machine Learning (ML)
The transformative power of AI could bring in an annual value of $400 – $800 billion globally for the retail industry, according to McKinsey. From predicting customer preferences and demand to powering chatbots for instant customer support, it is no longer just a trend. On the other side, machine learning is revolutionising how retailers make sense of immense amounts of data, uncovering hidden patterns that drive laser-focused decision-making.
Automation
Retailers are increasingly turning to technology to perform repetitive tasks with minimal human intervention. In 2023, this went beyond cashierless checkout options. Automation is making a mark in areas like warehousing, inventory management, and order fulfilment. In the future, 52% of all retail tasks can be automated with existing technology, reducing human errors, enhancing service quality, boosting employee productivity, and saving costs.
Augmented reality (AR)
AR allows consumers to enjoy interactive experiences by adding computer-generated digital content to real-world objects. Virtual try-on apps and virtual fitting software have been particularly successful, especially in the fashion and beauty sectors. It’s all about blending the virtual and physical shopping experience.
Social Saleability
In 2023, social commerce is set to become an even more crucial component of the omnichannel retail experience. Given India’s large GenZ consumer base, brands need to think beyond social ads; social commerce is tied to in-app and livestream shopping.
Immersive Shopping
Interactive videos are designed to engage the viewer and encourage them to take specific actions, like clicking on a link, filling out a form, or making a purchase. These videos can increase engagement rates by up to 300% and conversion rates by up to 70%. With the rise of interactive video technology, it’s clear that this type of content will become a vital component of shoppable media in the years to come.
Advanced Analytics
To unlock the full potential of technology, retailers are embracing advanced analytics and insights platforms, which gather data from websites, mobile apps, social media, point-of-sale systems, and more. They provide retailers with a 360-degree view of customer shopping behaviour and inventory visibility. In an intensely competitive market, this data-driven approach will be vital for boosting revenue and ensuring long-term success.
Cloud-based ERP
An optimal omnichannel sales approach requires a modern, stable foundation, such as a cloud-based business management system. The benefits are cross-functional: comprehensive data management and accessibility, real-time inventory tracking, demand forecasting, enhanced CRM, higher business scalability and responsiveness to market changes.
Shopper-centric e-commerce
Personalisation will be a key strategy for fashion brands to increase customer engagement and sales via eCommerce. From tailored product recommendations to customising ‘purchase triggers’ by analysing browsing and purchase histories. Brands should pay close attention to the trend of dynamic content, which adapts website content to customer behaviour.
Take a look at the conference agenda for CX Forum 2022 here, and click here for the complete list of all speakers as of date, at India Fashion Forum 2024.
