Business Lessons from the Fashion Industry

Introduction

Newness is everything in the fashion industry, ie new products, new stores, new designers, new brand ambassadors, etc:
"...you don't have something groundbreaking to promote, then you have nothing to talk about...."
Lauren Sams, 2022a

Fashion brands

"...require a deep understanding of their customers' needs, a handle on the changing nature of retail, a knack for predicting trends and finding the unique selling point, as well as more general skills such as managing staff, optimising output and balancing creativity and profitability..."
Lauren Sams, 2022a

Some recent challenges include handling continual changing of headwinds of fashion trends, a shift to online retail and the pandemic.

Four key lessons

i) communicate only when you have something to say (the key is the right kind of communication at the right time; let your product talk; use of social media)

ii) sell your customers the right product (create a bond between customer and brand, ie a honest and genuine rapport; make the customer happy so that they will return and give a favourable referral to other potential clients)

iii) don't pit staff against each other (reward team rather than individual effort; customer service is based on staff attitude; encourage staff to be involved in decision-making, ie seek their opinions and ideas; have staff training around products and customer needs)

iv) offer something unique (as each business is unique, you need to have your unique selling proposition (USP); need to do extensive travel and research to develop customer trust.)