After two difficult years for the fashion, the 2022 promises to be a new opportunity to resurface for the sector. This is how they glimpse it from McKinsey, a consultancy that, like every year, recently released its report on the state of the fashion “State of Fashion”, made in collaboration with the platform Business of Fashion.
The analysis includes interviews with top executives in the industry and a comprehensive industry survey. Based on this, they list the expectations of companies for this year and the challenges they will have to face.
From avoiding the logistics crisis to ending ‘fast fashion’; Here are the five big challenges that the company will have to face. fashion at 2022, according to the aforementioned study.
Avoid logistical problems
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Due to the health crisis, companies had to deal with problems related to the supply chain. While some were forced to cancel orders, others had to increase their volumes, which represented a challenge, taking into account the shortage of materials and products that caused the closure of the factories.
Logistical problems led to delays in deliveries and increased transportation costs, which companies will have to overcome this year. As they argue in the report, the main objective for this new period should be to facilitate greater flexibility and review existing sourcing strategies.
“In 2022 More than 70% of companies plan to bring their production centers closer together and 25% intend to relocate strategic supply to the countries of their headquarters, “they maintain.
Make digitization not the end of physical stores
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It is no secret to anyone that in the last two years online purchases have increased, surpassing even physical ones; however, it is the brands’ job this year to make digitization not the end of traditional stores.
José Luis Pavía, who was the head of the Inditex Lefties firm, comments that organic customer traffic on the streets is going to disappear or, in the best of cases, radically decrease. Faced with this reality, he explains that fashion They will have to make use of customer information to attract them to their channels with personalized offers.
Forget about the rush and create valuable products
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The immediacy has led companies to have instant access to trends, as well as manufacturers, which, according to Pavía, only means that practically anyone can offer fashion at a good price.
“The user is absolutely overwhelmed and this translates into a loss of value. In Amazon there are products where the only cost is transportation,” he says. For him, the solution is for firms to review their unique value proposition: determine what makes them unique and what they can contribute to clients and society.
The typical phrases of “fashion at unbeatable prices ”or“ if you are not satisfied, we will refund your money ”will be in the past.
Seize the metaverse
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The metaverse is the future of human coexistence so the fashion it cannot be left out of it. In fact, firms such as Uniqlo, Louis Vuitton, Zara or Balenciaga have already joined this nascent virtual universe, a trend that other companies in the world will have to join. fashion if they don’t want to be forgotten.
The reason is simple: the metaverse offers an aspirational parallel reality that the user is often unable to translate into real life. As Morgan Stanley explains in the report, by 2030 the metaverse would accumulate 10% of the sales of the luxury sector. Specifically, there is talk of about 56,000 million dollars.
End the ‘fast fashion’
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It is a topic that has been debated for a long time, but this year will take on special prominence: betting on the fashion sustainable. “The ‘fast fashion’ industry must be radically reinvented or it is doomed to disappear,” says Pavía.
To end ‘fast fashion’ and move towards a circular model, it will not be enough to make garments with better materials so that they last longer or to pay more to the workers who make the clothes; annual production needs to be decreased.
“Only between 2000 and 2015, the fashion doubled its garment volume to $ 100 billion. Furthermore, the estimates are to grow 63% until 2030 ”, says Gema Gómez, executive director of the Slow Fashion Next platform.
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