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Industry growth, challenges and opportunities

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In the recent news, Indian fashion e-commerce platform Myntra bagged the rights to distribute the American fashion giant Bebe as the sole distributor in the country.

Amazon is opening its first fashion retail in the country. Biba is going for an IPO and not to mention, many Indian fashion brands like Aditya Birla Fashion and Retail recently raised a funding of Rs. 2,195 crore from Singapore based GIC.

All the news is tied up with the Indian apparel and fashion markets’ scalability in the recent years that has put the industry on the map.

Interestingly, the fashion industry is poised to grow into a $106 billion industry by 2026, bringing up the Indian fashion market on maps. From fashion formals for women to kids attire, the growth is spectacular! Following this development, the world’s fastest growing apparel market will most likely become one among the top apparel retail globally.

Here’s what is in store for the Indian apparel and fashion market in the next 5 years.

Omnichannel Takes Precedence

It is all about the customer experience and not just reaching out to a mass. Earlier, brands believed in building a multi-channel marketing experience where the aim was to reach far and wide. However, omnichannel focuses on quality rather than quantity which is making brands ace their marketing games on platforms, especially like Instagram and of course, the e-Commerce platforms.

Marketers are now looking at going deeper than wider and therefore, are focusing on fewer platforms, but enriching the user experience there. For example, on the e-Commerce platform or their own online shop, a great customer experience will entail easy to access information about the clothes and hands on support with scrollable content. This works very well in the post pandemic led ‘back to office’ time where formal wear for women is taking over and more and more brands are highlighting this segment via their social media handles, giving viewers a feel of their office fashion.

Fashion Influencers Take Over

It is difficult to overlook the importance of influencers especially – especially the micro-influencers who create more reasonable and resonating content. This relatability has helped them amass true and loyal following that tends to trust their opinions about fashion and lifestyle.

Brands are seeking this camaraderie between the two and use it to build a tangible presence in the social media community where they are in direct touch with the customers. Social media platforms remove the obstacles and help establish a more direct connection where consumers can share their ideas or grievances about a particular. It is also great for product development and becoming a consumer-friendly brand.

Influx of New Technologies

The meta verse has already infiltrated the fashion industry globally and it is only a matter of time that it becomes a vital part of the Indian market as well. For instance, retailers can easily deploy virtual fashion to build a hands on catalogue instead of going for physical dresses that includes time and money.

This can be a great blend between virtual fashion and physical clothing. This can also be implemented well in the influencer marketing where influencers can virtually try the products and help with spreading the word. For example, an influencer working with a brand that specialises in office wear for women will be able to showcase different blazers and ensembles to depict the variety the brand has to offer.

Another important contribution of web 3 technology can be its lack of contribution to carbon emissions. No logistics, hyper-production or deployment of extra equipment means less resource reliability and more sustainability.

Sustainable Fashion

Sustainability is in rage and for the right reasons too! In contrast to fast fashion that relies on use and throw models, without considering the rising landfills, sustainable fashion believes in slow production and implementation of organic practices. Several brands are incorporating natural fibres only like hemp jute to create durable products. During such processes, the raw materials do not demand an exorbitant amount of natural resources and when discarded, go back to the earth without causing any harm.

Such practices are not only good for earth but for traditional communities as well that are often skilled at creating sustainable products. This can help boost the Indian economy as well.

The pandemic had brought in a certain dip in the Indian fashion and apparel market where recovery took some time.

However, revenge shopping in this case helped, but more than that, new practices, digital infusion and development methods made their way into the market that may put the Indian fashion scenario in top gear and become one of the largest markets in the world.



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Disclaimer

Views expressed above are the author’s own.



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