New Delhi [India], July 27 (ANI/Mediawire): Fashion companies have realized that investing in personalization helps building a relationship with the consumer and create better experiences which can pay off for their brands.
In the age of social media and technology, the way fashion is consumed has changed. Today, fast fashion, hyper-personalisation, mobile and social commerce and influencer marketing are dominating the Indian fashion industry.
According to a study by McKinsey, 71 per cent of the users expect personalisation and 76 per cent are disappointed when the shopping experience is suboptimal. Particularly, digitally native companies reported 40 per cent more revenue through personalised marketing tactics. This puts additional pressure on the company to invest in personalisation to enrich their consumer experience, as consumers would else be free to choose different brands.
Sreekanth Chetlur, Chief Ecommerce Officer, Shoppers Stop feels that there have been massive advancements across personalisation and now, it is an omnichannel business which companies are after.
Enhancing consumer experience
Personalization has changed the paradigm around consumer fashion. When executed well, such experiences enable businesses to differentiate themselves and to gain sustainable competitive advantage. "It is no longer a top-down approach for companies now. It is more of a crowd sourced approach from customers themselves and as each customer is unique, the way they are addressing it is to customize their look and make their style unique," said Arvind Singh, Co-Founder, Fashmates Inc. He added that with the advent of social media, these consumers are in fact inspiring others to showcase their style. Personalizing customer experiences is more about understanding what is most important to them and planning to respond.
Helping brands to get to the skin of consumers
A successful personalization program results in more engaged customer and drives the company's top line. So, a positive consumer experience plays a big role in a retailer's success
Ravi Hudda, Chief Digital Officer, Raymond Group explains that fashion industry is changing from a supply-driven industry to a demand-driven industry. "Around 10-12 years ago, fashion companies would just broadcast fashion that people would go and pick up. Today, companies are producing what people want," he said.
Companies are building a lot of technology in the store to capture the data out there which can be then analyzed to understand changing customer preferences. This in turn will help integrate the consumer journey to the online format.
Fashion influencers, the new retailers
With personalization coming in, consumers are relying heavily on influencers on brand recommendation and style advice. The influencer market which was growing at a slow pace earlier has suddenly accelerated post the pandemic with more people going online to find their product of choice. According to Mohit Rai, Fashion Stylist, Brand Incubator and Creative Director, it is really an exciting time for the consumers of the fashion industry. "Its like you are going online to buy something and you are getting fashion advice. It has never happened before. It used to happen before only in physical stores with people whom they had a comfort level with," he said.
One of the biggest benefits influencers bring to the brand is their ability to connect directly with their audiences, unlike a traditional retailer. With customer expectations higher than ever, demanding fast action and more empathy, there is only one thing that will make customers want to come back to companies, and that is the personalised customer experience any brand would offer.
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Disclaimer: This article has been produced on behalf of Fashmates by Mediawire team.
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