The handbag industry is booming rapidly, with designer handbags driving the sector and helping brands gain garner thousands of dollars as a profit. And as the apparel market is rising exponentially, it is slightly leaving its impact upon the luxury market and compelling brands to adhere to these influences and manufacture products accordingly. There already too much for brands on their plate, and these changes demand efficiency of another level. What if we let consumers design what they want, and brands focus on other significant business aspects? The concept isn’t new, but our leather bag design software brings in the latest business solutions along with modern customization and digitization features. The tool is relevant for modern buyers who are just a few taps away from the latest technology.
Bags Designing Software Help Brands to Accommodate Demands from Modern Buyers
In 2008, Anya Hindmarch made headlines when she predicted the demise of the It bag. A decade later, there is plenty of evidence that she was right, but if you look at the broader perspective, you will realize that consumers’ needs and expectations have also changed drastically. Women don’t need bags only to show-off; rather look for more practical purposes they offer. Therefore, brands need to understand consumers’ changing demands and how they can fulfill them without compromising with their original brand value and product integration.
Consumers’ priorities have changed over the past couple of years, and they have become extremely cautious about what product they are spending their money on. According to NPD, in the USA, the world’s largest luxury market, where handbag sales declined 7 percent year-over-year to July 2019. Luxury handbag sales, which had held up despite revenue in every other price segment flatlining or falling, are now falling too. While It bags still drive growth in emerging markets, the US slump is looking increasingly hard to turn around. The total number of handbags introduced by luxury brands declined 24 percent in the UK and 33 percent in the US, as Edited suggested.
However, if we look at the bigger picture, we will realize that social media has also played a significant role in shaping consumer’ demands. It shouldn’t come as news to bag manufacturers and retailers that these social media platforms help them leverage social influencers and enable brands to reach out to their consumers faster than ever before. Besides, coronavirus has changed many things, but one constant that remained was social media. In fact, a survey by DoubleVerify found that nearly half of consumers reported increased time on social media platforms in 2020. In today’s environment, brands are continuously challenged to adapt to real-time and meet people where they’re at to stay relevant. In turn, brands are laying the foundation for the future direction of social media marketing. As we head into the new year, there’s no question that brands will continue to maximize their social media efforts.
Let us look at factors that determine the role of social media in impacting the handbag market:
- Social Media Reduces Products’ Life Expectancy
Many experts believe that the onus is on Instagram for declining the It bags’ sales. Consumers are exposed to such trends where every day a new brand comes up with a completely new idea and product, and this quick exposure results in extinguished excitement before most new styles can gain sales momentum. In the older days when Fendi launched the Baguette, the ensuing buzz sustained sales for years, and the iconic model was regularly sold out in New York department stores. Such was its impact that when its popularity fell after two years, the LVMH brand’s sales declined by $20 million for two years in a row.
In the era of virality, brands have to strive harder to stay in the spotlight. Mini bags were some of the year’s hottest leather goods, with Off-White’s Jitney, the Chloé Mini C, and Bottega Veneta’s Pouch among the most popular, according to Lyst. The trend reached its peak when Jacquemus sent a purse down the Autumn/Winter 2019 runway so tiny it could barely fit a few coins.
The facts mentioned above are just one side of the coin; on its flip side, you will realize that social media offers such humongous opportunities to handbag manufacturers. The online platform has enabled brands of all sizes to compete against one another, and whoever is able to win over their customers shall dominate the market. It is a fair deal as most millennials spend their time browsing through various social media handles, and brands have a chance to communicate with them directly. For example, Kohl‘s is ramping up sales for a new handbag collection by leveraging social influencers and handing out free samples in New York, encouraging women to show off their take on accessorizing with the bags.
- Function Matters Over Styling
“It” bags are the epitome for showing off style and making fashion statements, but what about their usability. This has been a largely ignored area, as if it never crossed designers’ minds that women have other work to do other than flaunting their designer bags. Todays’ women are smart, independent, and strong. They most certainly need a brand that can cater to and balance out their dynamic needs. It would come as news to you that customization is one such solution that enables brands to keep engaging with customers on their creative side and also ensure their functionality is never compromised. Our bag design software online works on the same note. It enables handbag companies to empower their customers in creating a perfect purse, tote bag, or backpack that resonates with their personality and success story.
Another side of the story is that while statement-making mini bags perform on Instagram, functionality remains primary for many other customers. NPD data suggests that traditional handbags are losing market share to backpacks and duffle bags as customers seek to carry more of their life around with them. This move towards function generally favors contemporary brands over luxury and complements streetwear dominance and athleisure in US fashion. The £700 Senreve Voya Tote doubles as both an office and a gym bag, with stain and odor resistance integrated into the product design.
- Resale Impacts Luxury Business
The luxury brands still have a bigger chance to win back their lost battle if they closely look at the trends and realize that people have not suddenly dropped the idea of designer bags. These days consumers like It bags that are classic and not too much designed that plummets the entire concept of functionality. In this scenario, reselling through social media would help brands make a huge impact. While the new It bags may no longer be sure successes, classic styles remain popular on resale platforms. Recent It bags like the Louis Vuitton, Petite Malle, and Saint Laurent Sac de Jour held 80 percent of their value on the resale market in the year they were launched, but that dropped to 60 percent the following year as trends moved on, according to The RealReal.
The Concluding Remarks-
Social media is an ever-evolving platform, so don’t get stuck in its rut; rather, take some time to understand and adapt to new changes and social media trends as they come. The platform handles, such as Instagram and Facebook, have made shopping easier and more comfortable than ever before. By simply clicking on the shopping bag icon on the main navigation menu, users can discover products and shop directly in the app. In the coming year, we can expect many of these with added features and updates as social commerce gains momentum. This is the right time to put your money on a winning horse and see your brand rising to the occasion and outperforming everyone in the market. In case you are wondering how you will be able to attain these goals, don’t worry; we have got your back. The online handbag design software by iDesigniBuy offers such lucrative opportunities for you to grow and expand your horizon. Its customization solution, along with a 360-degree preview, allows companies to let their consumers design their bags that depicts their story.
If you are willing to dive deep into the social media ocean,
Allow us to be at your service!