The demand for customized products is at an all-time high these days, and consequently, an increasing number of tractions for ecommerce is many compelling brands to test the waters in the customization field and gradually introduce products. Leading fashion brands discovering the perks of letting their customers design their fashion sense as per their preferences and personalities. In fact, luxury labels empower shoppers that have longed to express themselves through various styles and accessories they use. Likewise, the bags designing software facilitates the transition of a mass-produced label into a mass-customized brand; its customization solution allows buyers to transform their fashion sense into something they have always admired. Besides, it helps brands to advocate and repeat purchases, completing the loyalty loop.
Bags Design Software Enables Brands to Bounce Back in the Luxury Market
With time, consumer preferences change, and brands have to adhere to these latest trends or fall flat. And with handbags becoming an integral part of wardrobe and fashion accessories, brands must buckle up to stream with the trend and offer services to their customers that they shall always cherish in their lives. The shopping group dominating the trend is Generation Z and millennials, and brands must strive harder to make them happier with their novel services and solutions. Modern-day buyers are currently more interested in shopping; however, it is noteworthy that they are highly sceptical and cautious with whom they want to be identified. According to the Vogue Survey and GQ, it has been revealed that they’re careful about how they spend their money, and they are always on their quest to find brands that offer unique products. These phenomena are essential for them as they are always on their toes for searching newness and eager to discover new trends that keep them fashion-forward.
The Vogue and GQ surveyed 18 to 65-year-old Americans to understand shopping and paying behaviours to gain greater insight that companies need to think about when engaging today’s consumers. However, it is also essential to highlight that Gen Z is recently joining the workforce. Therefore, it is tough to anticipate what brands expect and how their choices will mould future fashion preferences. Nonetheless, it is worth trying to understand what is in their minds and how they wish to shop. For example, they are more than willing to shop across channels, have an appetite for higher-quality items and are eager to stay on top of cultural trends. At the same time, they have some frugal tendencies: 70 per cent of Gen Z said they are monitoring their spending more closely as a result of the pandemic, meaning brands will have to earn their place in Gen Z wallets. Though their shopping behaviour is critical to understand, being the newest to join the workforce and having purchasing power, they are gradually emerging as a dominating group in the fashion industry. After forming basic concepts for the customization and millennials and GZ, let us look at the various factors that determine their influence on the customized bags.
Below are the factors that drive the growth of handbags in the fashion industry:
- Customers’ Love for Sustainable Products Will Dominate
Sustainability is not alternative for the fashion industry; instead, in the past couple of years, it has been the mainstream business model which needs to be followed by the luxury brands. The fashion industry has to develop robust and powerful business solutions that will help them control all the problems they have caused to the planet and safeguard them for the coming generations. Besides, today’s buyers are also becoming increasingly aware of brands’ actions and the gravitas they are implementing their eco-friendly measures.
According to a study conducted in China revealed that almost 90 per cent of Chinese consumers prefer leather alternatives over animal leather. The study was conducted to assess how introducing high-quality bio-based leather alternatives over 501 Chinese consumers across all generations, income level, education level, religion, ethnicities, and residence. From the survey, it could be concluded that approximately 70 per cent of the buyers were enthusiastic about purchasing leather alternatives. The reason for the growing allegiance towards the planet is raising concerns about the environment, the quality of life they are living, animals harmed during manufacturing, minimum space for personal expression, and the high cost for something that leads to so much destruction. Knowing consumers’ motivations for purchasing the next-gen leather can help develop effective messaging. Additionally, 62 per cent of these enthusiastic consumers indicated that they would pay more for leather alternatives.
The reason behind the growing need for brands to become more sustainable is that the young buyers have only seen the worst, and to them, their future looks bleak, and to rectify it; they are ready to bring down any brand that fails to adhere with these demands. Also, it can’t be ignored that the rising trend for fast fashion is the reason why we all are in this mess. Besides, the fashion industry is one of the world’s biggest industries, accounting for nearly 20 per cent of the world’s population working in it and expected to generate revenue of 383 billion USD in 2021. These statistics are huge, and therefore, brands should act responsibly.
Another fascinating fact about listening to the emerging Chinese model is that the region offers incredible growth opportunities to those looking to invest in its rapidly expanding markets. And since their consumers are even more conscious of the detrimental effects of legacy materials, most notably leather, brands must take a hint from the flow of the wind.
The Material Innovation Initiative (MII), a non-profit accelerating the development of next-gen materials, conducted a study in August of this year in collaboration with North Mountain Consulting Group that shows that the scales have tipped away from animal leather and toward leather alternatives for many consumers in China, revealing a market primed for disruption.
- Offline and Online Store Difference Must be Sorted
The generation that has grown up around the technology, and therefore, it is obvious that they will identify well with the brand that incorporates the latest trends and technologies. These advanced solutions also help brands to communicate with their buyers anytime and anywhere. And therefore, it wouldn’t be an exaggeration to say that Gen Z is a truly omnichannel generation, and they view shopping as an activity that can be done wherever and whenever. Additionally, it is also true that shopping can’t be a forced activity and it should be done at their convenience. The inception of ecommerce has added another feather to brands’ caps as they can let their buyers view their products online as they like. This has also led to intense competition among brands as their customers have a wide range of possible options to choose from. And with buyers’ attention being short, it is inevitable for brands to develop solutions that can entice their buyers for a longer time. And in such scenarios, luxury brands must adopt the omnichannel strategy that will help them blur the difference between online and offline strategies. A study revealed that consumers are 56 per cent more likely to have shopped for fashion in-store over the last three months and 38 per cent more likely to have shopped online in the same timeframe.
The plausible reason behind the sudden rise of the omnichannel strategy is the outbreak of the pandemic. The unprecedented need to shift to digital commerce has compelled brands to look for alternatives that will help them stay relevant to their consumers in the days to come. And what could have been a better option than using a multichannel strategy that can boost their sales and increase conversion ratio? The multichannel approach is more holistic and is more than just a sales channel; instead, it is a way to build connection and community. Its prominence can be inferred from the way online communities, such as TikTok, have helped and inspired Gen Z to shop. Its #TikTokFashionMonth challenge hashtag garnered 5.5 billion views. This notion has been second by Cassandra Russell, fashion brand partnerships lead at TikTok, “In terms of bricks-and-mortar, this is where TikTok will come into its own. We know the power that creators have in bringing people to events. If there isn’t a big capacity in-store, we can live to stream it to a much wider audience.”
Likewise, blurring the lines between the physical stores and ecommerce storefront isbag design online, a customization solution that enables brands to let their customers design their bags, purses, handbags, and backpacks in the way they like. The tool comes with a digitization feature that allows buyers to preview the customized product before they head for the final payment. It offers a win-win situation to brands as well as consumers as they both can freely communicate with one another and share their experiences. Also, this custom-made stool can be implemented on a brick-and-mortar store as well as on the online storefront. Its solution helps your buyers to flaunt their status symbol with personalized bags and turn around many heads. Your customers can make their bags stylish and unique and can also experiment with their ideas and creativity. It provides real-time engagement and delivers the freedom of creating your unique handbag design. It’s quite simple: You have the freedom and opportunity to select a handbag type, select the components.
- Buy-Now-Pay-Latter Gains Significance in the Luxury Market
Today’s buyers are fast-paced, and they lead a life where waiting for someone is like wasting time; consequently, brands have to offer solutions that allow buyers to shop and buy products instantly. The buy-now-pay-later (BNPL) is exponentially gaining traction among many young buyers as they don’t have to wait for a certain amount to be in their hands. It has been found that about 22 per cent of Gen Z rely on BNPL solutions, and as a result, many fintech companies, such as PayPal, is witnessing an increase in those wanting to buy higher-priced fashion items. Another factor that is contributing to the growth of BNPL is the need to buy more expensive, higher-quality products. In fact, it has been found that the digitally native Gen Z uses a subscription model that comes at premium prices.
Meanwhile, Gen Z’s frequency of shopping for new items is being disrupted by second-hand, a market that Gen Z respondents are 27 per cent more likely to shop. Preloved and vintage platforms, such as Depop, are arguably slowing the cycle of new purchases, with customers enjoying lots of different trends and items and then passing them on. Depop chief brand officer Peter Semple explains that “by shopping in this way, Gen Z is redefining what ‘newness’ means”.
BNPL solutions are helping to convert sales. Since the pandemic’s beginning, 123 per cent more Gen Zs have used BNPL than before, the strongest uptake of any generation. In April 2021, one-third of Gen Z said they are likely to use BNPL solutions in the future. Although people miss shopping in-store, at the same time, everyone loves the conveniences of online: online exclusives and easy returns. And as lockdown restrictions ease, omnichannel will truly be omnichannel.
The return investment in the customized luxury market is so high that even big stakeholders are not shying away from putting their money in it. Recently, Okhtein, an Egyptian accessories brand, has received an investment from Bidayat, a subsidiary of Alsara Investment Group, founded by Valentino board chairman and Mayhoola CEO, Rachid Mohamed Rachid. The investors aim to help Okhtein open more stores, expand its distribution network globally, and digitize its business. The luxury label is successfully created a celebrity following ranging from stars like Beyoncé to Gigi Hadid.
- Reconnect with Buyers by Reopening Stores
People have been restricted to their homes for one year, where stepping out was only possible when they had to buy something essential. In such scenarios, they have long to go out and look around what is happening in the world. Therefore, reopening stores will help bring a smile back on buyers’ faces and enable them to shop from the stores. Working on this strategy, many brands are reopening their stores or expanding their customer reach by starting a store in a new place. Similarly, luxury handbag resale company Rebag has opened a new store in Greenwich, Connecticut, and it is 2100 square feet big. By starting its store in this area, the brand joins the existing luxury retailers, including Hermès and Saks.
In addition to handbags, Rebag is all set to display collections of watches, fine jewelry, and accessories. And also, customers can shop from Rebag’s entirely online and in-store collections, buy a once-loved item within 60 minutes by leveraging the brand’s unique upfront payment offering, or buy and sell an item in a single, combined transaction and pay only the difference via Rebag’s recently launched service.
Another factor that brands must consider while offering the products is that when buyers shop, they do it for fun and lift their moods; therefore, brands must always ensure that the products they are manufacturing or selling appeal to the buyers both aesthetically and financially. The findings of a study revealed that more consumers prefer to buy clothes online directly from the brand’s website. And COVID-19 has played a pivotal role in triggering this demand as more than half of the 25-34-year-olds buy direct from international online brands. The new data from cross-border e-commerce companyeShopWorld (ESW) reveals that reduced access to physical stores has increased cross-border e-commerce, with 46 per cent of global shoppers buying direct from international brands online, rising to 52 per cent among 25-34-year-olds.
Make an Informed Decision-
Modern buyers are the new generation that will rule and determine the fashion industry, and brands should play as their playbooks. Theirs is an influential generation that will continue to drive the cultural change on so many fronts, and as a result, their behaviour is bound to change. The social media also played a significant role in making them aware about the recent developments in the fashion world and how it impacts their immediate surroundings. Their friends and influencers have empowered them to perceive brands from a “bottom-up” approach and know in detail what their brands stand for and how well-intentioned it is to improve their business models and ethics. Therefore, in such circumstances, customization is the only way to bridge the gap between customers and labels and let them work together to create beautiful and unique products. Customization is a great tool to establish trust among your buyers and help consumers to convey their feelings, complaints, and insights to brands so that they can offer them a product that can be cherished for a lifetime.
Likewise, the digital bag design by iDesigniBuy allows brands to give a free hand to their buyers and let them express themselves. When they are free and have no one to follow, they can rely on their creativity and design a product they can proudly flaunt in front of their friends and family members. It is high time to let consumers become trendsetters with customization and digitization solutions. Through these models, your buyers can select the product’s features, colours and generate shapes and monograms they like. This helps in building emotional attachment and will force them to come back to your site for more. The same feelings may drive repeat purchases as consumers seek products that have been embedded with their personalities. In fact, advancing technology helps even SMEs to adopt customization software with easy to use and clear interfaces on their online storefronts from which consumers can create personalized products.
The data and statistics shown above indicate that product personalization is here to stay and that the companies that work on winning their loyalty now will be able to see gains from their purchases for many years to come.