he fashion industry is under the destabilization phase; the retail sector is undergoing a complete revitalization fuelled by innovative B2B eCommerce solutions. The tools help fashion and luxury brands to expand their customer reach and sell seamlessly online. Similarly, custom shoe designing enables fashion houses to let their customers shop from their eCommerce storefronts with novel customization and digitization solutions. The made-to-measure tool helps shoe manufacturers and retailers to leverage the ongoing and upcoming trends in the online marketplace.
Custom Shoe Designs Enables Footwear Brands to Leverage eCommerce Renaissance
The rise of the internet has changed the way consumers perceive brands and how they browse various products using the new-age technology. The emergence of e-tailing enables fashion brands and retailers alike to sell their products online directly to consumers and eliminates the middleman as fashion houses have more options to reach customers and sell their products, thus, increasing the scope for online marketplaces among wholesalers and B2B eCommerce platforms. These changing landscapes have put a special place in our new reality.
Experts believe that the advantage of using direct-to-consumer business models (DTC) together with wholesale partnerships with B2B eCommerce platforms and marketplaces goes beyond mere designing and selling. Many brands, in the past, have shown reluctance to adapt to these changing norms while showing full belief in the DTC model. They believe that it yields a higher margin backed by various research companies, such as Coresight Research found that wholesale offers access to a larger customer base and more efficient marketing. However, the study was quick to point out that if it provides lower margins. Similarly, studies from BMO Capital Markets suggest that selling via the DTC model alone can’t guarantee bigger margins. In fact, a group of leading names in the luxury fashion industry indicate that four out of the top five merchandise margin-getters had robust wholesale revenue. Fashion houses, including Gap Inc and American Eagle Outfitters, invest minimally in wholesale and have merchandise margins below PVH and Ralph Lauren, two brands that lean heavily on wholesale as well as DTC. These studies indicate that using online platforms for selling products is paramount to achieving profitable sales while enhancing your reach and effectiveness in your sales organization. Hence, the emergence of the metaverse.
Many leading names in the fashion industry are moving to the new phase of the internet to enhance their customer reach, sales, and brand value. For instance, Balmain‘s French fashion house is preparing to delve further into the metaverse in a new partnership with MINTNFT, a non-fungible token (NFT) marketplace. A statement released by the brand states that the new platform will help the brand to bring its heritage into the Web 3 world through long-term and global partnerships. The collaboration consists of an NFT linked to Balmain’s legacy, entitled ‘Non-Fungible Thread’ in reference to the house’s founder, Pierre Balmain, and his consistent vision for design. The one-of-kind NFT will evolve in line with the house’s future accessory, sneaker, and fashion drops, while also offering membership benefits to the brand’s influencer network. The collaboration was announced during the opening of Balmain’s New York Flagship, which was attended by both Rousteing and Mintnft co-founder James Sun.
The changing patterns of doing business as a direct result of the emergence of new-age technology indicate that buyers’ preferences are also changing. It is not just the fashion industry changing its course due to the rise of the internet; instead, it has more to do with the people feeling more comfortable associating with brands that embrace technology. The customized shoes online help footwear brands meet customers’ expectations and offer them an immersive platform that makes shopping fun and enables them to voice their opinions. It is a pioneer in providing a three-fold advantage to luxury companies. It provides customization solutions that allow buyers to seamlessly design and purchase sneakers, shoes, sandals, and many other footwears using 3d technology.
The pointer mentioned below highlights new trends among buyers that every footwear company must adhere to.
Here are the changes in buyers’ perspectives that drive changes in the fashion and luxury market:
Buyers Using New Ways to Counter Inflation
Due to prolonged lockdowns during the pandemic outbreak, inflation is four-decade high, forcing shoppers to be warier of their purchasing habits and impacting retailers’ much-needed recovery. However, there is a silver lining in these gloomy days. A recent survey by Coresight Research indicates that consumers are still positive about spending despite the inflation rates. Nonetheless, there is a trend that fashion and footwear companies shouldn’t skip. Despite customers’ willingness to spend extravagantly, shoppers are looking for ways to save money. A report published by Afterpay details how millennials and Gen Z save their money using BNPL (Buy Now Pay Later) as a budgeting tool, seeking values and discounts, and spending on experiences.
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