The arrival of the Internet has led to an increase in the number of startups. In the current landscape, companies are springing up left, right, and center. They are all in search of new markets and the premium solution which solves everyday consumer problems. These companies are using more innovation and technology in a bid to gain a competitive advantage.
Despite the technological boom all across the various industries, one area currently lacking attention is the fashion industry.
With a market valuation of more than $3 trillion and accounting for more than 2 percent of the global GDP, the global fashion industry offers lots of avenue for innovation and growth. After all, irrespective of the consumer demographics, there is a particular product we can’t do without, and that’s clothing.
Startups pay a premium to have their merchandise in trade shows, networking events, and so on, to meet with potential customers, investors, and gain insights into market trends. However, from analyzing past Fashion Week events, it has become glaring that startups hardly take advantage of the platform for sales, connections, expansion, and growth provided by various fashion week events.
So, with December around the corner and the likelihood that the Lagos Fashion Week, GT bank fashion weekend, and style by zenith events would take place, we are presenting two reasons why startups should grab the benefits that Fashion Weeks/Events offer to various businesses.
The Fashion Space Is Highly Profitable
Many startups often view the fashion space as unpredictable, and as such, the common misconception is the industry is unprofitable. Contrary to popular beliefs, the industry has repeatedly seen a 5.5 percent annual growth for the last ten years. A good number of people see the fashion industry as rigid and unavailable to innovation, but in reality, the reverse is the truth.
The same challenges you find in other industries worldwide are what you would find among fashion designers, brands, and fashion houses. Irrespective of the industry, we all want to cut costs, increase revenue, boost sales, and connect with the customer. The same is applicable in the fashion industry. Fashion houses are willing to pay what is necessary for startups in order to gain an edge in the market. Technology and innovation are the order of the day, and fashion brands are willing to boost performance by leveraging new innovations.
The Fashion Industry Is Embracing Innovation, Faster Like Never Before
While fashion weeks are known for showing collections, latest designs, and upcoming trends, the fashion industry itself is a summation of many parts. From gathering of materials, to design phase, to production, to marketing, to sales, there are lots of moving parts. With an increase in demand comes the necessary opportunity. The industry will always be propelled by trends that provide opportunities for innovators. The fashion industry has gone past clothing. It involves accessories, wearables, applications, augmented reality, and virtual reality integrations that enable people to be at the center of things without being there.
On the production side of things, we are seeing more demand for automation and customization. Emerging technologies mean consumers are much more demanding for particular services.
The common problem that all big or small designers face is maximizing efficiency and balancing the cost and revenue scale. One of the common issues that have plagued the industry is the speed at which designers can deliver the products they showcase on the runways. But when startups work with brands and logistics outlets, such products could be monetized more quickly.
Fashion weeks provide startups with appropriate solutions and an opportunity to go against the norm. As a startup, you have to be tall and stand out from the crowd. Whether your startup is into fast moving goods or consumer products, there are so many fashion week opportunities than you can imagine. There is the opportunity to connect and pitch to brands, designers, global vendors, industry giants, and so on