June 22 2020–For any brand to be successful, they need to create amazing products that consumers will want to buy. Consumers will be buying less and considering the items they do purchase, very carefully. Therefore it is more vital than ever that brands align with the values of the premium execution-demanding post-coronavirus consumer if they are to excel in the marketplace.
Trendstop invites FashionUnited readers to discover how superior product design will be crucial to business success in a post-COVID19 environment.
Superior Design Drives Profitability
Great design needs to be at the forefront of a fashion business if it is to survive. In the pre-pandemic era, big budgets were placed on marketing and advertising with comparatively little investment in product. Superior product design drives profitability and McKinsey’s recently published statistics highlight how design driven companies can outperform their peers with 36% higher revenue growth and 56 percent higher shareholder returns.
The Departmental Disconnect
In creating superior products, taking a fully holistic approach dispels any disconnect between creating a range and selling it. In many organisations there is often a disconnect between departments because of a different approach to commercial, versus creative, versus analytical thinking. Designers, management and data analysts are all focused on different areas of the business with little insight into how their area relates to another. Brands need to synchronise these sectors to create best-selling products of the future.
Less But Better
When consumer demands are intensified and accelerated, below average product design will need to be a thing of the past. Across all market levels, products will need to be hyper curated, purposeful and many times than before the outbreak depending on how consumer relevant the starting point. Consumers will understand that better products come with higher price points but because they will buy less, they can invest more per item. A less but better mindset is needed, cutting range sizes to sustainable levels, and focusing only on purposeful products consumers will love to create less waste.
The recent lockdown has completely altered the way fashion industry used to work. Therefore, it is more vital than ever that brands align with the values of the premium execution-demanding post-coronavirus consumer if they are to excel in the marketplace. Similarly, we at iDesigniBuy keep this in mind, and offer customization solutions to fashion and luxury companies that helps their customers to design their fashion as per the changing trends.