Fast fashion is an excellent strategy for retailers who want to stand out in the market and ensure profitability. It allows for a wide variety of products that adapt to the main trends in the sector, attracting new consumers.
Are you curious? So, continue reading to understand more about the concept and access tips on how to adopt this model in your company. Let’s go!
Why bet on fast fashion as a retail strategy?
O fast fashion is the English term for “fast fashion”. It refers to the practice of constant renewal of clothing items and fashion trends. Therefore, it is a valuable strategy for retail.
This is because it helps to consolidate the brand as one of the main drivers of the sector. Thus ensuring an excellent competitive advantage for the business.
According to an article by Abepro, fast fashion in retail is seen as an innovation. This is because it strategically combines the rapid production with a semi-exclusive product.
That is, the model innovates in the product and process. And this generates:
- Increased productivity;
- Greater product qualification;
- Cost reduction;
- Increased production efficiency;
- Retail profitability.
This model integrates the latest innovations sought by consumers tolead time minimum, matching supply and demand. Which even makes it ideal for small businesses that want to attract new customers.
To this end, we developed mini collections which are changed weekly or, in some cases, daily. Therefore, those pieces that remain in showcases for more than 2 weeks are considered “out of fashion”.
This rapid renewal aims to ensure that customers have access to new clothing items quickly. What, therefore, stimulates consumption and, consequently, increases profit.
In addition to the advantages already mentioned, we can highlight a few more mentioned by the SEBRAE:
- Low stock, due to the high turnover of parts;
- Short product life cycle, facilitating its commercialization;
- Anticipation of trends that could be a competitive differentiator;
- Greater customer attraction due to constant renewal of the showcase;
- Reduction of risks.
Therefore, thefast fashion It’s an interesting strategy for retail. This is because it guarantees agile production in response to consumer demands, increasing loyalty of them, as well as the capacity of quick adaptation to market changes.
How to join fast fashion?
Bearing in mind the advantages of fast fashion in retail, we have put together some good practices that contribute to a more efficient adoption of this model.
It is worth highlighting that the global Fast Fashion market was estimated at US$2,10421.21 million in 2021. The same must reach US$ 286.397,47 million by 2031, according to Business Research Insight.
So, check out the list below and find out how to take advantage of the gains from fast fashion!
>> Read too:How to increase the production capacity of your industry?
1. Study your consumers’ behavior
Firstly, you must understand more about your consumers. After all, there’s no point using fast fashion as a strategy if buyers aren’t willing to make purchases that frequently.
To achieve this, it is essential to study the behavior of your customers and have them closer. Only in this way will it be possible to identify their preferences and needs, defining requirements for the development of micro collections.
Analyze your purchase history, do research and evaluate comments on your social networks. Use all means of communication to truly understand the public’s attitudes, desires and demands.
According to another document from the SEBRAE,Ask your buyers about:
- Preferred style, colors, and prints;
- Fit, measurements and use of trims;
- Purchase frequency;
- Leisure options, favorite programs and digital social networks, etc.
This information helps to profile your customer and even understand more about his main references, for example.
And this not only helps in this initial phase, but also in the next ones. Continue to maintain frequent contact to collect feedbacks and find out more about your customers’ reception of the products purchased.
2. Stay up to date with trends
In addition to close contact with consumers, there are other ways to stay up to date with Tendencies fashionable. The first of these, and the most important, is the constant monitoring of market changes.
This involves evaluating competition and big brands, both nationally and internationally. Especially because many of the fast fashion trends were born in other countries.
It is equally important to maintain direct contact with suppliers . After all, they are the bridge between retail and the market. This is because they are directly involved in the production and distribution chain. Therefore, they know which materials, fabrics and colors are being more sought after, for example.
Furthermore, they help in obtaining insights and market predictability. And this helps with decision-making and the construction of a competitive advantage.
Some other ways to stay updated are:
- Courses and training;
- Fairs and events;
- Network expansion;
- Social networks, main media and entertainment content.
All of these practices help ensure that retail is always aligned with market demands.
3. Ensure excellent inventory and logistics control
Practically all of chain of retail needs to operate efficiently and with agility. However, it is possible to highlight two areas that deserve a little more attention: inventory and logistics.
This is because, with this rapid renewal model, inventory is reduced, maximizing turnover. However, control needs to be redoubled to avoid faults, waste and, consequently, loss of the collection.
Because a delay in production is the same as postponing the consumer’s contact with the item. That is, when the clothes go on display, they may already be “out of fashion”.
Working with leaner inventory requires a planning efficient with definitions of possible future needs and demands of customers. You always have to be one step forward.
Logistics, which is also linked to inventory, must guarantee an efficient flow, capable of meeting market demands. Always with a lot of planning, programming and control of activities.
According to the article cited above, the correct management of logistics for fast fashion refers to the control of:
- Customer service;
- Transport management;
- Inventory management and order processing;
- Storage;
- Material handling;
- Packaging and protection;
- Acquisition;
- Product programming;
- Information maintenance.
That’s why the areas need to be very well aligned and connected. This includes the purchasing and finance, for example. Everything needs to be worked on to ensure an efficient and rapid flow of information and products.
>> Leia também:Production management: learn how to optimize in the textile industry
4. Choose your suppliers carefully
The choice of suppliers is also fundamental to the successful adoption of fast fashion in retail. Because, as we have seen, they are also important in the search for frequent trends updates.
So, select those with the highest authority and expertise on the subject. Also consider those who are closer. This ensures easier logistics.
And of course, evaluate their competence and cooperation and count on the support of different suppliers to avoid future crises and problems. Remember that they need to be your greatest allies in embracing fast fashion in retail.
5. Bet on technology
Finally, invest in technology! Fast fashion requires a more agile and efficient business model. Therefore, to maintain fast, constant and high-quality production, support from smart equipment.
You Law Suit, production and distribution must be assertive and high quality. Only in this way will it be possible to follow fashion trends quickly and, consequently, meet consumer demand.
Furthermore, textile machines with excellent performance also help in the sustainability of production. And this model tends to cause serious impacts on the environment due to the discarding and unrestrained renewal of parts.
Therefore, these effects must be minimized to ensure a more responsible and ecological chain.
Next step
By adopting fast fashion, retail companies can stand out from the competition and conquer a larger share of the fashion market. This is an efficient strategy that guarantees greater profitability and expansion.
But, as we have seen, constant updating of market trends and changes is essential. So sign free our Newsletter and stay up to date with the latest news in the sector.
