For many years, fashion has prioritized sustainability and agility. On the other hand, customers do not want brands to wait and see what trends in fashion are before acting. Brand differentiation reflects a growing desire among businesses to go above and beyond what is typically expected of them to find exciting, creative, and, increasingly, digital ways to capture attention in a competitive fashion market.
The nature of the market is attracting talented prospects such as Eric Swan, the founder of the coveted Swan Production. He is relentless in his business goals and has a powerful personality when performing at the highest level in all aspects of his life. Despite being an outspoken businessman, Eric is a resolute and quiet man when life is just moving in the background, the daily living of life moments. He has obtained an experience of over two decades in the business sector. Through time Eric has served to build multiple startups of people worldwide.
Eric created a brand of new and used men’s clothing and haberdashery. Built during the difficult times of covid, the store struggled to sustain itself in the central valley due to its infancy and the closing of retail spaces. Through the valuable experience, eric sees the fashion world as his next conquering journey, and 2023 is the ideal time for him to accomplish such feats.
These trends will shape the future of fashion retail, focusings on meeting growing demands for inclusion and diversity, customization through technology, moral and eco-friendly business practices, and engaging customer experiences.
Social Shopping
According to Business of Fashion (BOF) and McKinsey, the pandemic has increased reliance on social media, with 74% more influenced to shop through these channels than before the pandemic and 70% citing clothing as the product they shop for the most.
As consumers explore new social shopping channels, annual social commerce sales in the United States are expected to increase by 51% over the next two years, reaching $56 billion.
Experimental Retail
Personalized retail experiences are becoming increasingly popular. Approximately 80% of consumers now expect fashion retailers to cater to their preferences, with brands turning to technology to reshape their customer experience (CX).
Artificial intelligence, in particular, is taking the lead. Trendsetters like Amazon are investigating the potential of cashier-less checkouts in stores to streamline the purchasing process.
Channel Diversification
During the pandemic, e-commerce has continued to gain ground in the years since. As the market normalizes, brands must carefully reconsider their channel strategies in light of emerging future fashion trends. Retailers must expand and diversify their mix to continue growing, taking advantage of emerging channels such as marketplaces to reach new audiences.
Second-Hand Fashion
According to ThredUp, the global fashion resale market will grow 127% by 2026, growing three times faster than the overall fashion retail sector. Recent growth has been fueled mainly by the rising demand for sustainability. Still, second-hand fashion will see an additional boost in 2023 as younger consumers cut back on spending during the economic downturn.
According to McKinsey, 76% of Gen Z and 79% of Millennials in the United States are withdrawing savings, taking on credit, and working additional jobs to manage their finances. Many people seek resale, rental, and upcycled clothing to save money.
