17 August 2022, Mumbai:
Seasonality is something that manifests itself in the apparel/fashion industry According to one EDITED report," Apparel seasonality is shifting. Retailers are increasing summer apparel more than winter apparel and consumers are into it."
Waiting for a week typically results in discounts on many of the same expensive things bought during the holidays. As a result, some people could decide to give gifts after the customary holiday because they can save a lot aware of seasonal pricing.
For travel and tourism, it's equally critical to comprehend seasonality. When choosing the best time to travel, it can be helpful to know when the busiest time of year will be and how it may affect the cost of transportation, lodging, and entertainment.
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According to one research gate report," Demand forecasting of fashion apparel products has to cope with serious difficulties in order to get more accurate forecasts early enough". One of the sectors with the quickest rate of growth is the textile and apparel/garment sector, which employs millions of people.
These factories process textiles by using hazardous chemicals, which increases environmental contamination and raises public awareness. This has led to the adoption of environmentally friendly enzyme-based treatment methods by textile manufacturers, with fungi serving as the primary microbiological source of these enzymes.
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Apparel industry business process
It also impacts managing a hospitality company and making decisions about how to estimate staffing and employment needs. Better planning, budgeting, and long-term capital allocation can result from knowing when to engage seasonal staff to prepare for a spike in visits. To be a wise investor, one must comprehend the seasonality of stock upticks and downturns. Companies frequently seek to improve specific indicators near the conclusion of the fiscal year to attract additional investors.
It may be beneficial to buy or sell shortly after learning how the earnings season may affect the trading activity and share prices. The pandemic's start and stop have clouded the pricing picture, and since it has persisted long enough, the COVID-19 economy of today is being compared to the COVID-19 economy of last year, weighing the ridiculous with the downright insane.
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Apparel industry business model
Last month, prices for all goods and services increased by a seasonally adjusted 0.8% compared to October, which was somewhat more than expected by economists. Still, they were up 6.8% compared to a year earlier, which was a significant change.
Prices for apparel/clothing increased by 1.3 percent from month to month and by 5% from year to year. New technologies like digital fitting rooms and virtual assistants have improved in-store customer experiences for brands.
Additionally, the development of Blockchain Technology, Artificial Intelligence, Metaverse, and other technologies will assist firms in releasing premium products into the market more quickly and generate more income. According to estimates, 32% of fashion executives believed that in 2022, digital technologies would present many prospects.
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Different consumer markets and sourcing locations will recover from COVID-19 shocks in different ways. Nations with strong healthcare systems and resilient economies will succeed.
In this situation, fashion executives should prioritize investment choices and continuously assess the location risks. Many fashion and apparel/garment companies will be able to recover some of their lost value in 2022 as a result of the pandemic.
According to one apparel resources report," The concept of seasons in the fashion industry started because people needed season-relevant clothing due to the extremities in weather.
Businesses in the fashion and apparel industries will benefit from the development prospects in 2022 because they will be able to produce higher-quality goods faster, do their part for the environment, and make a profit. Companies need to be more open with their customers in order to meet their expectations and overcome the difficulties of supply chain management.
By utilizing circular business models, eco-friendly materials, and sustainable technologies, brands can become more sustainable. Retailers and clothing brands can put in a lot of effort to overcome these obstacles and look forward to better chances in 2022.
Currently, given the looming increase in macroeconomic uncertainty, managers in the apparel/fashion industry regarding how the coming market & festive season will pan out in the near/midterm future and what the right corporate & marketing strategy is to cope up & sail through.
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