The fashion industry is under the destabilization phase; the retail sector is undergoing a complete revitalization fuelled by innovative B2B eCommerce solutions. The tools help fashion and luxury brands to expand their customer reach and sell seamlessly online. Similarly, custom shoe designing enables fashion houses to let their customers shop from their eCommerce storefronts with novel customization and digitization solutions. The made-to-measure tool helps shoe manufacturers and retailers to leverage the ongoing and upcoming trends in the online marketplace.
Custom Shoe Designs Enables Footwear Brands to Leverage eCommerce Renaissance
The rise of the internet has changed the way consumers perceive brands and how they browse various products using the new-age technology. The emergence of e-tailing enables fashion brands and retailers alike to sell their products online directly to consumers and eliminates the middleman as fashion houses have more options to reach customers and sell their products, thus, increasing the scope for online marketplaces among wholesalers and B2B eCommerce platforms. These changing landscapes have put a special place in our new reality.
Experts believe that the advantage of using direct-to-consumer business models (DTC) together with wholesale partnerships with B2B eCommerce platforms and marketplaces goes beyond mere designing and selling. Many brands, in the past, have shown reluctance to adapt to these changing norms while showing full belief in the DTC model. They believe that it yields a higher margin backed by various research companies, such as Coresight Research found that wholesale offers access to a larger customer base and more efficient marketing. However, the study was quick to point out that if it provides lower margins. Similarly, studies from BMO Capital Markets suggest that selling via the DTC model alone can’t guarantee bigger margins. In fact, a group of leading names in the luxury fashion industry indicate that four out of the top five merchandise margin-getters had robust wholesale revenue. Fashion houses, including Gap Inc and American Eagle Outfitters, invest minimally in wholesale and have merchandise margins below PVH and Ralph Lauren, two brands that lean heavily on wholesale as well as DTC. These studies indicate that using online platforms for selling products is paramount to achieving profitable sales while enhancing your reach and effectiveness in your sales organization. Hence, the emergence of the metaverse.
Many leading names in the fashion industry are moving to the new phase of the internet to enhance their customer reach, sales, and brand value. For instance, Balmain‘s French fashion house is preparing to delve further into the metaverse in a new partnership with MINTNFT, a non-fungible token (NFT) marketplace. A statement released by the brand states that the new platform will help the brand to bring its heritage into the Web 3 world through long-term and global partnerships. The collaboration consists of an NFT linked to Balmain’s legacy, entitled ‘Non-Fungible Thread’ in reference to the house’s founder, Pierre Balmain, and his consistent vision for design. The one-of-kind NFT will evolve in line with the house’s future accessory, sneaker, and fashion drops, while also offering membership benefits to the brand’s influencer network. The collaboration was announced during the opening of Balmain’s New York Flagship, which was attended by both Rousteing and Mintnft co-founder James Sun.
The changing patterns of doing business as a direct result of the emergence of new-age technology indicate that buyers’ preferences are also changing. It is not just the fashion industry changing its course due to the rise of the internet; instead, it has more to do with the people feeling more comfortable associating with brands that embrace technology. The customized shoes online help footwear brands meet customers’ expectations and offer them an immersive platform that makes shopping fun and enables them to voice their opinions. It is a pioneer in providing a three-fold advantage to luxury companies. It provides customization solutions that allow buyers to seamlessly design and purchase sneakers, shoes, sandals, and many other footwears using 3d technology.
The pointer mentioned below highlights new trends among buyers that every footwear company must adhere to.
Here are the changes in buyers’ perspectives that drive changes in the fashion and luxury market:
Buyers Using New Ways to Counter Inflation
Due to prolonged lockdowns during the pandemic outbreak, inflation is four-decade high, forcing shoppers to be warier of their purchasing habits and impacting retailers’ much-needed recovery. However, there is a silver lining in these gloomy days. A recent survey by Coresight Research indicates that consumers are still positive about spending despite the inflation rates. Nonetheless, there is a trend that fashion and footwear companies shouldn’t skip. Despite customers’ willingness to spend extravagantly, shoppers are looking for ways to save money. A report published by Afterpay details how millennials and Gen Z save their money using BNPL (Buy Now Pay Later) as a budgeting tool, seeking values and discounts, and spending on experiences.
Consumers’ penchant for finding new paths to financial freedom is steadily rising, as inferred from data from an online survey conducted by Afterpay, in partnership with Coresight Research, consisting of 500 consumers in the US and Canada. Out of those surveyed, Afterpay noticed a trend in BNPL users optimizing the payment method as a budgeting tool to counteract inflation. According to the survey, around 39 per cent of shoppers have used BNPL more, and a percentage that rises to 49 among Gen Z. Likewise, despite evidence showing that young buyers are more inclined towards purchasing new fashion products, they are likely to buy them at a discounted price. Product pricing was the most important criteria when participants were asked how they decide where to shop, with many suggesting that they only purchase from select brands during sales and markdowns.
Interest in Sustainability and Metaverse Rise Simultaneously
It is a well-known fact that with the rise of the internet, people’s general awareness has increased so much that they have started questioning everything. You can’t explain to them to follow a path blindly. They will ask questions and demand accountability. Sustainability and the use of technology to counter it has become one of the priorities among buyers, and they expect brands to take these notions seriously. In fact, many brands have taken note of the changing consumer behavior and made it a point to incorporate these changes into their business model. For instance, Allbirds is taking its sustainability measures extremely seriously and continuing to push the boundaries of sustainable footwear. Its new Tree Flyer running shoe has a carbon footprint of just 9.92-kilogram CO2e, all of which is offset to zero. These are the cushioned shoes designed to depict the brand’s innovative technology, use of renewable natural materials, and instantaneous material circularity.
The new collection line can be marked as a progression from the Allbirds “Dasher 2” launched in 2021. Tree Flyer features a new sleek-fitting knit structure, made from the brand’s signature eucalyptus-based tree fibre, which helps secure the foot for a performance fit whilst proving breathability and increased durability. On a similar note, the metaverse is gaining more traction among buyers. Therefore, an ad-tech company Hivestack has announced the launch of a new research division that will focus on out-of-home (DOOH) advertising for retail in the metaverse. The division has come as a response to the growing trend for retailers to enter the metaverse with digital stores. In a release, the company has said the rise in metaverse stores would enable new advertising opportunities for marketers, enabling elements such as in-store walls and virtual digital endcaps.
Make an Informed Decision-
It is crucial for fashion houses to note that brands that are willing to change with time and appropriately adopt new business models will be in a better position to attract customers along with finding potential customers in more than one place, thereby growing their customer base with the minimal marketing effort. The new sustainability with the technologically advanced business model will play a crucial role in accessing a greater customer base, and therefore, its presence and benefits can’t be overlooked. If all of these seem overwhelming to you, the custom-made shoes online by iDesigniBuy are here to help you. The customization solution helps businesses thrive in the footwear market while balancing between attracting new retail customers and deepening partnerships with existing customers.