American consumers prioritize risk-taking, adventure and living an exciting life when it comes to making purchases, according to global research by HSBC. This structural shift among U.S. consumers' purchasing habits is prompting companies to rethink existing marketing and business strategies.
If retail advisor Doug Stephens is to be believed, the term "store" someday will be remembered as a relic of the Industrial Revolution as our culture and technology enable transactions virtually anywhere, thanks to socially integrated buy buttons, mobile commerce and more. We've already seen a shift in the language of retail away from "stores" to "physical retail spaces," which Stephens told attendees at September's SAP Retail Forum is a better way to describe how retailers should think about their businesses as commerce channels proliferate.
Picture yourself entering a department store and, instead of wandering around searching for the correct department or product, you are guided by an expert personal concierge. The concierge is not a person, but rather a humanlike smartphone assistant. Whether you want to know "where are women's shoes located?" or "is this dress available in size six?" this concierge is always at hand to assist you. This is what retail shopping may be fast becoming, thanks to the mass proliferation of artificial intelligence (AI)-based technologies.
A new generation of footwear manufacturing, spearheaded by Bill McInnis, head of future at Reebok and a former NASA engineer, is allowing the fitness brand to design and create a high performance athletic shoe faster and more efficiently than ever before, the company says.
Sustainability is a huge macro trend and it's no surprise that the language and goals of the larger sustainability movement have made their way to apparel. Unfortunately, with it comes the same polarizing ambiguity that has plagued the broader sustainability movement in other industries. Cynics roll their eyes while dismissing sustainability as a latest marketing façade designed to push products on uninformed customers while true believers insist it's a more responsible way forward for apparel manufacturing that is genuinely improving lives and saving the earth.
JLL's Destination Retail report, which looks at the top cities worldwide for retailing, shows 50 major global cities have risen to the top of the list for mainstream, premium and luxury retailers' expansions.
The intellectual property litigation trend in the fashion and apparel industry does not appear to be going out of style anytime soon. Fashion and apparel companies routinely face allegations of copyright, trademark and trade dress infringement.
Challenged by fast fashion, prompted by speed to market and buoyed by thoughts of small runs/low inventory levels, reshoring or the return of manufacturing for a company and its brands to its country of origin (COO) has sparked continuing interest in the best strategies for market entry and what it takes to succeed once you are there.